Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Terra is an open-source blockchain payment platform that creates stablecoins designed to track the prices of fiat currencies. Terra Luna Classic refers to the original coin that is now in circulation after the establishment of a new Terra chain back in 2022.
LUNA is the native currency of the platform and has 3 main functionalities: Providing incentives for the platform’s blockchain validators, mining Terra transactions through staking, and ensuring the price stability of Terra stablecoins.
A crash, split, and a revival
Terra was a $40 billion digital asset ecosystem once upon a time, with both UST and LUNA claiming their spots in the top 10 cryptocurrencies. After the de-pegging of UST in May 2022, the prices spiralled to 0 within a week. This led to several investors losing their money.
While a lot of people lost faith in the
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