Luna Classic (LUNC) is the token of Terra Classic. Terra Classic is Terra’s original chain which is a blockchain protocol that supports stable programmable payments and open financial infrastructure development. Development on Terra began in January 2018, and its mainnet officially launched in April 2019. Per governance proposal 1623 in May 2022, a new chain will be created and will assume the Terra name. The original chain is still functioning and be re-branded as Terra Classic. The original Cosmos chain will still run, with UST mint/burn function disabled. All balances will remain as they are. Luna will become Luna Classic (LUNC). As an old chain of Terra, Terra Classic is secured using a proof-of-stake consensus algorithm based on Tendermint, in which LUNC token holders stake their tokens as collateral to validate transactions, receiving rewards in proportion to the amount of LUNC staked. LUNC also serves as the fee of gas and taxes to pay for every transaction made on the network.

Terraform Labs