In early May 2022, TerraUSD (UST) stablecoin lost it's peg against the USD and crashed alongside its sister token LUNA, dragging down the entire cryptocurrency market with it.
On May 16, 2022 Do Kwon, the founder of Terra Luna, published a second proposal where he detailed a plan for a new fork of the Terra network. The existing network would be renamed Terra Classic, while LUNA and UST would be renamed LUNA Classic and UST Classic respectively. The new fork would retain the original names, while UST would be phased out.
LUNA Classic (LUNC) is the native token of the old chain that has been rebranded as Terra Classic. It was launched on May 28, 2022, following the creation of the Genesis block on the new chain after the fork.
All those affected by the Luna crash, united by their mutual hurt, came together, driven by mutual passion and a drive to change their story.
The Luna Classic chain received massive attention; it started to rise from the ashes as a group of crypto enthusiasts, highly skilled developers, business developers and community members from around the world organized themselves and began stabilizing and resurrecting the blockchain and it's Token.
Guided by a governance proposal from @vegasmorph and the Terrarebels, the developers diligently worked behind the scene to ensure the future success of Luna Classic.
There are currently over 30 other projects which are under development, with a robust and extensive Luna Classic roadmap. One of the key objects of this revival was to implement proposal #3568 that was passed with an astonishing 168 Million Votes! This proposal created by VegasMorph was to implement a 1.2 % burntax mechanism for on On-Chain transactions for LUNC and USTC to help reduce the current supply.
Several CEXs are currently implementing the burn tax on Off-Chain transactions as continued support to revive our Chain. more CEXs are expected to join in this effort to reduce the current supply.
The goal is to reduce the supply and increase its demand thereby causing a gradual and certain increase in LUNA Classic’s price. During this period, a code to re-enable staking was created and approved by the community. staking was also re-enabled on the chain.
In the past months after it's revival, LUNA Classic has beaten Bitcoin in popularity and has been trending non-stop. We have not seen a force as strong as the Luna Community in Crypto history.
Both the community and seasoned Blockchain experts have joined forces together to change Crypto History. The story of Luna Classic is a modern example of what can be achieved when experts, Hodlers and community members join forces together with a common goal.
Right now, experts around the world in fields of economics, Blockchain, finance, web designers, graphics, legal, community are working together to revolutionize the history of the Luna Classic chain and that of cryptocurrency in general...they're building the next Blockchain revolution. #LUNC.
Join the #lunccommunity on their journey!
Lets make history together.
Did you spot this flyer /sticker/poster? Take a photo and drop it on your social using the hashtag #luncworldwide. Let us know in which country you found it.