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 to LUNA Classic (LUNC).

Terra Classic is a decentralized, open-source, and public blockchain protocol that employs Proof of Stake consensus to support stablecoins that can 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 strong level of adoption among businesses in 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 vote twice before being accepted.

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

Terra Classic’s users can stake LUNA Classic (LUNC) to validators who are responsible for verifying all transactions within the blockchain 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 Classic’s 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 - which in the case of TerraClassicUSD (USTC) equals that of the US dollar.

As the burn rate picks up, LUNC’s circulating supply reduces and the Terra Classic price climbs higher. An increased demand for Terra Classic’s 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, LUNC’s 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 underwent a rebranding as part of co-founder Do Kwon’s revival plan to create a brand new Terra 2.0 network.

Terra 1.0 or Terra Classic will now continue along the way of the old Terra network, supporting stablecoins and using the LUNC token for maintaining price stability of these assets. Its most popular stablecoin which was formerly known as TerraUSD (UST) will now be known as TerraClassicUSD (USTC).

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

Terra LUNA Classic (LUNC) is listed on most of the leading cryptocurrency exchanges and DEXs. KuCoin is one of the most popular platforms for buying LUNA Classic. Here are the steps to follow to buy LUNC on KuCoin:

1. Start a KuCoin Account

Register for an account on KuCoin using your email address if you are new to our platform. Do ensure that you complete your KYC verification upon logging in to gain access to our full suite of services and features.

2. Convert Your Trading Capital From Fiat Currency Into Crypto

Check out KuCoin’s Fast Trade service to convert your trading capital from fiat currencies into cryptocurrencies to start trading on KuCoin. You can choose from over 70 different payment methods, including Mastercard, Visa, SEPA and PayPal to buy crypto on our platform.

You can also fund your trading account with cryptocurrency using our P2P service or through interaction with third-party sellers on our platform.

3. Trade LUNC Using Existing Crypto

You also have the option of using your existing crypto holdings to trade Terra LUNA Classic on KuCoin. Simply transfer your cryptos from your external wallet into your KuCoin trading account to start doing this.

4. Buy LUNC/USDT on KuCoin

After adding crypto funds to your trading account, it’s time to head to the KuCoin Spot Trading section to look for the LUNC/USDT crypto trading pair. Check the latest LUNA Classic price, LUNC market cap, 24 hour trading volume and news before entering a new trade.

Input the number of USDT you wish to exchange for LUNC, check the number of LUNC crypto you can get and the trading fees you will have to pay. Once you confirm all the details, proceed with the trade order by clicking on Buy.

5. Receive and Store LUNC Securely

It will take a few minutes after your trade executes successfully for your KuCoin trading account to receive the LUNA Classic tokens you have bought. Once they arrive, you can choose to hold them within KuCoin or you can transfer them to your external wallet for safer, long term holding.