### What is Terra Luna Classic?

Terra Luna Classic (LUNC) is the original native governance token of the Terra ecosystem. It was initially known as Terra (LUNA) before the disastrous UST/Luna collapse, which led to the establishment of a new Terra chain. It serves various purposes within the Terra ecosystem and continues to operate as a community-driven blockchain platform distinct from the new Terra chain.

### How does Terra Luna Classic work?

Terra Luna Classic operates on a blockchain protocol designed to utilise fiat-pegged stablecoins to power price-stable global payment systems. It uses a Proof of Stake (PoS) consensus mechanism, which allows token holders to stake their tokens for transaction validation and governance participation. LUNC acts as a stabiliser within the ecosystem through mechanisms like burning and minting, which help maintain the value of its algorithmic stablecoin when it was operational. The platform also supports smart contracts, enabling a wide range of decentralised applications.

### What are the potential use cases for Terra Luna Classic?

Terra Luna Classic has several potential use cases, including:

- **Cross-Border Payments and Remittances**: LUNC is used for low-fee, fast-settlement cross-border transactions.
- **Decentralised Finance (DeFi)**: It powers DeFi platforms through staking, borrowing, and lending.
- **Asset Management**: LUNC serves in asset management tools and digital identity verification processes.
- **E-commerce**: The token is integrated as a payment method within e-commerce platforms.
- **Financial Services**: It underpins services offering stablecoins pegged to various fiat currencies.

### What is the history of Terra Luna Classic?

Terra Luna Classic was developed by Terraform Labs, co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. It was launched in April 2019 and became known for its algorithmic stablecoin, TerraUSD (UST). The token gained significant market attention but suffered a dramatic collapse in May 2022 due to issues with UST, leading to the rebranding of the blockchain to Terra Classic and the introduction of a new token on a separate chain (LUNA 2.0). Since then, Terra Luna Classic has focused on community-driven development, with various upgrades to improve security and transaction efficiency.

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