Terra Price

Terra is a decentralized, open-source, and public blockchain protocol that harnesses a Proof-of-Stake consensus mechanism to empower decentralized applications (dApps), particularly within the realm of decentralized finance (DeFi). LUNA stands as the native digital asset of the Terra blockchain, functioning as both the governance token and utility token within the ecosystem.

The original Terra 1.0 ecosystem experienced a tumultuous event when it was subjected to an attack that resulted in the de-pegging of the TerraUSD (UST) stablecoin, leading to a severe crash in the price of the original Terra (LUNA) token. This unfortunate development caused losses exceeding $40 billion in the cryptocurrency market, prompting co-founder Do Kwon to formulate a revival plan.

LUNA 2.0 was introduced following the approval of governance proposal 1623 by the Terra community. This marked the genesis of a brand-new blockchain, distinct from Terra 1.0, now called Terra Classic (LUNC).

Terra 2.0, with LUNA (or LUNA 2.0) as its native token, officially commenced its operations on May 27, 2022. The mainnet launch took place on May 28, 2022, with the creation of the first block, Phoenix-1, occurring at approximately 06:00 UTC.

Terra 2.0 is not a hard fork of the original Terra blockchain but rather a novel blockchain protocol. It deviates from Terra 1.0 by discontinuing support for stablecoins, a feature prominent in its predecessor. The Terra Ecosystem Revival Plan, spearheaded by Do Kwon, outlines Terra's future role in supporting leading dApp projects from the original blockchain while eventually replacing the Terra 1.0 network.

Projects and assets operating on the original Terra blockchain will not transition automatically to the new blockchain. Instead, they are required to initiate their migration. Several leading dApps, such as Astroport, Prism, RandomEarth, OnePlanet, and Stader, have expressed their commitment to migrating to Terra 2.0.

The LUNA cryptocurrency plays several crucial roles within the Terra ecosystem:

Stake LUNA on Terra

You can stake LUNA to become Terra validators. Validators are responsible for verifying and recording transactions on the Terra blockchain. In return for their efforts, they earn rewards through LUNA tokens. This process helps secure the network and maintain its integrity.

Utility Token

LUNA is the currency used to pay transaction fees when users send payments on the Terra blockchain. A portion of these fees is allocated as rewards to validator nodes, incentivizing them to continue validating transactions and adding them to new blocks.

Governance Token

LUNA holders possess the right to participate in the governance of the Terra network. They can vote on proposals for upgrading the ecosystem and democratizing its future development. This empowers the community to shape the evolution of the Terra blockchain.

Trade or HODL LUNA Coin

Terra (LUNA) is an appealing digital asset for investment and trading. You can buy LUNA 2.0 on the KuCoin Spot Market, trade it against other cryptocurrencies and stablecoins, or hold it as a long-term investment if you believe in its potential. Always stay updated on the latest Terra (LUNA) price, market capitalization, 24-hour trading volume, and Terra-related news to make informed trading decisions.

Following the mainnet launch of Terra 2.0, significant changes have occurred in the original Terra blockchain and its native token, LUNA:

Terra Classic Blockchain

The original Terra blockchain, which Terra 2.0 forked from, has been rebranded as Terra Classic. This rebranding distinguishes it from the newer Terra network.

LUNA 1.0 Became LUNA Classic (LUNC)

The native token of the original Terra, LUNA, has undergone a name change and is now known as Terra LUNA Classic (LUNC).

Coexistence with Terra Blockchain

Terra Classic continues to operate alongside the new Terra network. It retains market swap features, allowing users to mint and burn LUNC tokens as needed.

Cosmos and Tendermint Technology

Terra Classic uses the Cosmos SDK and leverages the Tendermint consensus protocol. This technology stack enhances its capabilities and security.

Support for Terra Classic Stablecoins

While Terra Classic maintains its functionality, the stablecoins previously associated with the blockchain, such as UST, KRT, and EUT, have been rebranded as Terra Classic stablecoins. These include TerraClassicUSD (USTC), TerraClassicKRW (KRTC), and TerraClassicEUR (EUTC), among others.

Trade LUNC on KuCoin

Terra LUNA Classic's native token, LUNC, is now available for trading as a separate digital asset on various leading cryptocurrency exchanges worldwide. KuCoin is one such platform that facilitates trading for both Terra (LUNA) and Terra LUNA Classic (LUNC).