LUNC

LUNC is the common ticker for LUNA Classic, the native cryptocurrency of the Terra Classic blockchain. Terra Classic is the continuation of the original Terra network that suffered a major depeg and market collapse in May 2022, after which the community created a new chain (Terra 2.0) and rebranded the original chain as Terra Classic. The new Terra token is known as LUNA while the original token retained the ticker LUNC or LUNA Classic.

Technically, Terra Classic is built with the Cosmos SDK and uses the Tendermint consensus engine, operating a delegated proof-of-stake model in which holders can delegate tokens to validators to secure the network and earn staking rewards. LUNC functions as the chain’s utility and governance token: it is used to pay transaction fees, participate in on-chain governance, and support validator operations.

Following the 2022 collapse, LUNC experienced extreme inflation due to large token minting, spurring community-led initiatives to reduce supply through burning mechanisms and governance proposals. Various burn campaigns and protocol changes have aimed to introduce permanent supply reductions and adjust economic parameters, with mixed results and ongoing debate within the community.

The Terra Classic ecosystem remains active but diminished compared with its pre-collapse size. The collapse also triggered regulatory scrutiny and legal actions involving key figures associated with the original project. As a speculative digital asset, LUNC’s price and utility have been subject to high volatility and continuing community-driven development and governance.