Important Information About Terra Luna Classic, Terra Luna / Lunc Coin Last Minute / Crypto Analysis
1 year ago
Terra Classic
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Last May, Terra's price dropped 99 percent three times in a few days, and its $40 billion volume was wiped out in an instant. This caused serious speculation about the coin.
The founder of the company, Do Kwon, sold $ 750 million worth of Bitcoin to raise the value of the Terra stable coin to $ 1 again, but the expected rise did not occur.
Kwon is currently accused of fraud and acts such as rug pull. As mentioned briefly above, the South Korean court issued an arrest warrant for Terra's founder, Do Kwon, while Interpol issued a red notice.
After this event, the Terra network split into two chains according to the new governance plan. Terra Classic (LUNC) with the Luna Classic token became the legacy chain; Terra with LUNA token became the new chain called LUNA 2.0.
Now, the Terra community is split between LUNA and LUNC, and the two projects hope to serve very different purposes.
While LUNC focuses on creating an ecosystem that developers can build on and thus adding value to the project; LUNA doesn't seem to be promising much to investors, except that it hopes the coin may one day become deflationary.
During the bull market, LUNA's aim was to act in concert with the stablecoin UST. Unfortunately, UST turned out to be not that stable and this caused a big drop in LUNA as well, the project was almost reset. For this reason, LUNA has no use case in the blockchain.
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