Terra Classic is the rebranded name for the old Terra blockchain, also known as Terra 1.0. Its native token, formerly known as LUNA, has now been rechristened LUNA Classic (LUNC).

Terra Classic is a decentralized, open-source, and public blockchain protocol employing Proof of Stake consensus to support stablecoins that enable convenient payments globally. LUNA Classic (LUNC) is the native token of the Terra Classic blockchain and is used to maintain the price stability of the stablecoins within the ecosystem.

Unlike other fiat-pegged stablecoins or cryptocurrency-collateralized stablecoins, the Terra Classic blockchain network employs a unique algorithm to manage the supply of stablecoins and keep its one-to-one peg with fiat currencies based on its demand. The LUNC token is burned or minted based on the changes in demand for the Terra Classic stablecoins to maintain their peg.

Terraform Labs - the firm behind the development of the Terra Classic network, has partnered with numerous payment platforms and enjoys a healthy level of adoption among businesses in the Asia Pacific. It has helped the Terra 1.0 protocol establish itself as an attractive solution to process payments and further the rapid adoption of blockchain technology and cryptocurrencies among mainstream businesses.

The Terra Classic network is a Proof of Stake blockchain designed using the Cosmos SDK and leverages the Tendermint consensus protocol. Validators propose new blocks of transactions, which are then put to the vote twice before being accepted.

LUNC is Terra 1.0s native cryptocurrency available for staking and serves as the blockchain's governance token. However, the LUNC tokens primary purpose is to control the volatility of Terra's stablecoins in its network.

The blockchain's users can stake Terra LUNA Classic (LUNC) to validators responsible for verifying all transactions within Terra Classic and recording them in blocks. In exchange for their efforts, validators receive a percentage of transaction fees in LUNC as a reward.

When the demand for Terra Classics stablecoin increases, there is a worry about its value rising above the fiat peg. In this case, the ecosystem burns more LUNC coins from their total supply to mint the stablecoins to match the demand and bring the price back down to maintain the peg - in the case of TerraClassicUSD (USTC) equals that of the US dollar.

As the burn rate picks up, LUNCs circulating supply reduces, and the Terra Classic price climbs higher. Increased demand for Terra Classics stablecoins makes LUNC more valuable as an investment.

On the other hand, if the USTC stablecoin demand falls, its price can weaken from the fiat peg. In such an event, the Terra Classic ecosystem burns more stablecoins and mints more LUNC.

When the demand for USTC declines, LUNCs circulating supply increases. This, in turn, causes the LUNA Classic price to slide lower.

LUNA Classic (LUNC) is the native digital asset of the Terra Classic or Terra 1.0 blockchain. This network was previously called the Terra blockchain but was rebranded as part of co-founder Do Kwons revival plan to create a brand new Terra 2.0 network.

Terra 1.0 or Terra Classic will continue along the way of the old Terras mainnet, supporting stablecoins and using the Terra LUNA Classic (LUNC) token to maintain these assets price stability. Its most popular stablecoin, formerly TerraUSD (UST), will now be known as TerraClassicUSD (USTC).

On the other hand, the Terra 2.0 ecosystem will now be called Terra and use LUNA as its native token. Also called LUNA 2.0 among crypto enthusiasts, Terra (LUNA) is a brand new cryptocurrency that will serve as the native token of the new Terra network.

The new blockchain called Terra 2.0 will focus on providing a scalable and efficient ecosystem for the development of Web3 dApps, especially in the DeFi space. Several leading dApps that used to run on the original Terra network have already announced plans to migrate to Terra 2.0 and will utilize LUNA 2.0 as the native cryptocurrency.

Luna Classic or LUNC is the rebranded name for the old LUNA token of the original Terra chain, which will now be known as the Terra Classic blockchain. LUNC is the native digital asset of the Terra Classic network and is used to maintain the price stability of stablecoins running on this network.

The new LUNA or LUNA 2.0 is the native token of the new blockchain called Terra. The new Terra blockchain is a unique network designed by Terraform Labs as part of its founder Do Kwons revival plan for Terra (LUNA). The new Terra 2.0 protocol and LUNA emerged following the attack that depegged the former UST stablecoin and caused the old LUNA (now LUNC) token price to crash, resulting in a loss of over $40 billion from the global crypto market.

Do Kwon and his team have envisioned the creation of Terra 2.0 and its coexistence with Terra 1.0 or Terra Classic as a way to revive the steep losses and recover investors wealth. To this effect, the launch of Terra 2.0 was announced with free airdrops of LUNA 2.0 tokens to LUNC holders.

One of the key focus areas of the Terra Classic community will be to burn LUNC and USTC tokens to bring back the peg of the USTC to the US dollar. The community could burn LUNC tokens used to pay transaction fees within the Terra Classic ecosystem to revive the LUNA Classic price and help stabilize the value of the USTC stablecoin.

LUNA Classic is the native token of the Terra Classic or Terra 1.0 blockchain and is used for mining, governance, and for paying transaction fees within the ecosystem. The primary use of LUNC, however, is as collateral to maintain the price stability of Terra stablecoins, powered by algorithms.

The Terra Classic crypto can also be staked to improve the performance of the overall ecosystem. LUNC holders also have the option to swap their tokens for USTC stablecoin or other tokens across Terra Classic-based protocols to generate profits.

In addition, LUNA Classic also functions as the governance token of the Terra Classic chain. LUNC holders get voting rights, allowing them to decide whether to add new stablecoins based on real-world assets within the ecosystem. They will also have a say in the future development and upgrades to the Terra Classic network.

You can also invest in Terra LUNA Classic to grow your crypto portfolio. Buy or sell LUNC against other cryptocurrencies or hold it in the long-term if you believe in the future potential of the Terra Classic network. You can also lend liquidity in LUNC to BYDFi via our Crypto Lending feature and grow your LUNC holdings. This is a risk-free and convenient way to generate passive income.

While Terra enjoyed a high adoption of its ecosystem among dApps, especially in the DeFi sector, it will take some time to see if Terra Classic will continue to enjoy the same level of adoption. With several leading projects already committing to migrate to the Terra 2.0 blockchain, will the Terra Classic blockchain evolve into focusing more on building a global payments network using cryptocurrency and drive up the LUNC to USD price?

This evolution could create a new course for the Terra Classic network and establish a new identity. Following the attack, its team of developers seems to be working on a brand new strategy that could help make LUNC an attractive investment.

The LUNA Classic enjoys the support of a strong community that believes in the token's potential, even in the aftermath of the attack. Terraform Labs' decision to create a brand new blockchain Terra 2.0 and airdrop LUNA tokens to LUNC holders could help boost investor confidence in the crypto and support the LUNA Classic price in the short term.

Terra LUNA Classic holders can trade it against the stablecoins built on the Terra Classic blockchain as part of the protocols price stability mechanism for these assets. As the demand for USTC rises, the community will burn more LUNC to ensure its value remains pegged to USD. Such a move can also drive the Terra LUNA Classic price and market capitalization.

On the other hand, a decline in demand for the USTC stablecoin increasing its supply will cause more LUNC to be minted as the USTC is burned. This mechanism will balance the stablecoin supply in the market to ensure that the peg to the US dollar is maintained.

Terra Station is the official wallet of the Terra Classic blockchain and the new Terra blockchain. You can transfer your LUNC holdings from BYDFi Exchange to Terra Station for long-term holding and staking to become a validator or to participate in the governance of the Terra 1.0 ecosystem.

Here's how to send LUNC from BYDFi to Terra Station:

1. Create an account on Terra Station if you don't already have one.

2. Buy LUNC on BYDFi in our Spot Trading section.

3. Connect your external wallet to your Terra Station account.

4. Switch the network from mainnet (Terra 2.0) to classic (Terra Classic). This will grant you access to work with LUNC tokens on Terra Station.

5. Head back to your BYDFi account and select the option to withdraw Terra LUNA Classic crypto.

6. Enter the amount of LUNC crypto you wish to send to Terra Station and enter your wallet address in the destination box.

7. Verify and confirm all the details and the processing fee you will be charged for the transaction before finalizing the withdrawal.

8. Receive the LUNC tokens in Terra Station and proceed to store or stake them.