How to Buy Terra Classic (LUNC)

Beginner’s Guide

What Is Terra Classic (LUNC)?

Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.Development on Terra began in January 2018, and its mainnet officially launched in April 2019. As of September 2021, it offers stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik and the International Monetary Fund’s Special Drawing Rights basket of currencies — and it intends to roll out additional options.On May 28, 2022, the genesis block of the new chain was launched to conduct future transactions under the name Terra (LUNA), and the original Terra Chain was rebranded as Terra Classic. The original native token — LUNA has also been renamed as LUNA Classic (LUNC). Moreover, all network stablecoins (UST, KRT, EUT) have been renamed to Terra Classic stablecoins (USTC, KRTC, EUTC). There will be no Terra stablecoins on the new chain.There is a theory that the additional term “classic” is a reference to the Ethereum / Ethereum Classic split in 2017. According to CEO, Do Kwon, the collapse of UST in the spring of 2022 is the equivalent moment of the Ethereum’s DAO hack that took place in 2017.

How to Buy Terra Classic Summary

Get a Terra Classic wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
Find an exchange that sells Terra Classic (e.g. , Binance ,OKX, Gate , Bitfinex , Kucoin)
Deposit money and make the trade
Withdraw the Terra Classic to your wallet

Buying Terra Classic in 3 Simple Steps

Desctop & Mobile

Terra Classic Hardware Wallets

Terra Classic (LUNA) is a cryptocurrency that can be stored in hardware wallets that support the Terra network. Here are some popular hardware wallets that can be used to store Terra Classic (LUNA):

Ledger Nano S: Ledger Nano S is a popular hardware wallet that supports Terra Classic (LUNA) and other cryptocurrencies. It uses secure chip technology to protect your private keys and offers a user-friendly interface for managing your assets.
Ledger Nano X: Ledger Nano X is a newer version of the Ledger Nano S that also supports Terra Classic (LUNA). It offers Bluetooth connectivity and a larger screen for improved usability.
Trezor Model T: Trezor Model T is a popular hardware wallet that supports Terra Classic (LUNA) and other cryptocurrencies. It uses a touch screen and physical buttons to protect your private keys and offers a user-friendly interface for managing your assets.
Trezor One: Trezor One is an older version of the Trezor Model T that also supports Terra Classic (LUNA). It uses a similar interface and security features as the Model T.
Cobo Vault: Cobo Vault is a hardware wallet that supports Terra Classic (LUNA) and other cryptocurrencies. It uses military-grade encryption and a tamper-evident design to protect your assets.

It’s important to keep in mind that hardware wallets are only as secure as the user’s practices and the precautions taken to protect the wallet. It’s recommended to follow best practices for securing your hardware wallet, such as keeping your recovery seed phrase in a safe place and never sharing it with anyone.

The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.

Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.

If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.

Terra Classic Software Wallets

Terra Classic (LUNA) is a cryptocurrency that can be stored in software wallets that support the Terra network. Here are some popular software wallets that can be used to store Terra Classic (LUNA):

Terra Station: Terra Station is the official desktop wallet for the Terra network, and it supports Terra Classic (LUNA) as well as other Terra-based assets. It provides a secure and user-friendly interface for managing your Terra assets.
Terra Station Mobile: Terra Station Mobile is the official mobile wallet for the Terra network, and it supports Terra Classic (LUNA) as well as other Terra-based assets. It allows you to manage your Terra assets on the go and provides a user-friendly interface.
Atomic Wallet: Atomic Wallet is a popular multi-currency software wallet that supports Terra Classic (LUNA) and other cryptocurrencies. It provides a high level of security and allows you to manage your assets from a single interface.
Exodus Wallet: Exodus Wallet is another popular multi-currency software wallet that supports Terra Classic (LUNA) and other cryptocurrencies. It provides a user-friendly interface and allows you to manage your assets from your desktop or mobile device.
Trust Wallet: Trust Wallet is a mobile wallet that supports Terra Classic (LUNA) and other cryptocurrencies. It provides a high level of security and allows you to manage your assets on the go.

When using a software wallet, it’s important to take precautions to ensure the security of your assets. It’s recommended to enable two-factor authentication, keep your wallet software up to date, and only download wallet software from reputable sources. It’s also important to keep your recovery seed phrase in a safe place and never share it with anyone.

Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.

Payment methods:

Credit/debit card

Wire

Buy Terra Classic (LUNC) through Binance

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

Buy Terra Classic (LUNC) through Okex

OKX (Chinese: 欧易), formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It was founded by Star Xu (徐明星) in 2017. OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to US based investors. The company’s CEO is Jay Hao and CMO is Haider Rafique. Initially headquartered in Beijing, China, OKX is now under a blanket ban by Chinese regulators. On October 13, 2021, it issued a “Notice on Regulatory Policy in Mainland China”, announcing that it would continue its policy of “withdrawing from the Chinese mainland market” and would not establish an office or team in the region. However, according to Caixin, although the exchange officially announced that it would no longer set up an office in Mainland China, it still has a large number of R&D staff working in the region, including engineers, who continue to work for OKX in the form of third-party outsourcing companies.

Buy Terra Classic (LUNC) through Gate.io

Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.

Buy Terra Classic (LUNC) through Bitfinex

Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships.Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.

Buy Terra Classic (LUNC) through Kucoin

Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.

Step 3 – Withdraw Your Terra Classic (LUNC)

Once you decide on an exchange, open an account and buy your Terra Classic . Make sure to withdraw the Terra Classic from the exchange to your personal wallet. Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .

Overview

What Is Luna Classic (LUNC)?

Luna Classic (LUNC) is the first native token of Terra blockchain released in August 2018. $LUNC existed before the launch of the new chain — now branded Terra (LUNA) — and works with the original code of the Terra ecosystem.

The main function that the native token performed was to absorb the price deviation of the algorithmic stablecoin — $UST. The price of the UST stablecoin was pegged to the US dollar by minting and burning UST tokens to balance the supply and demand of the coin. In May 2022, UST lost its peg and collapsed. The UST stablecoin algorithm created trillions of LUNA tokens, fell into a hyperinflationary spiral, and reduced the value of the original LUNA token by 99%.

Read: The full breakdown of the Terra Crash

What is the difference between Terra (LUNA) and Terra Classic (LUNC)?

Both versions of the token have the right to exist as a result of the implementation of a proposal called Terra Ecosystem Revival Plan 2. The essence of the plan is to split the current blockchain through forking, which created a new chain in the ecosystem, preserving the previous version.

According to the recovery plan, the existing chain and token have been rebranded as Terra Classic. The new LUNA tokens were airdropped to existing holders of LUNA and UST before the depeg and subsequent crash occurred.

Who Are the Founders of Terra Classic?

Terra was founded in January 2018 by Daniel Shin and Do Kwon. The two conceived of the project as a way to drive the rapid adoption of blockchain technology and cryptocurrency through a focus on price stability and usability. Kwon took on the position of CEO of Terraform Labs, the company behind Terra.

Prior to developing Terra, Shin co-founded and headed Ticket Monster, otherwise known as TMON — a major South Korean e-commerce platform. He later co-founded Fast Track Asia, a startup incubator working with entrepreneurs to build fully functional companies.

Kwon previously founded and served as CEO of Anyfi, a startup providing decentralized wireless mesh networking solutions. He has also worked as a software engineer for Microsoft and Apple.

What Makes Terra Classic Unique?

Terra seeks to set itself apart through its use of fiat-pegged stablecoins, stating that it combines the borderless benefits of cryptocurrencies with the day-to-day price stability of fiat currencies. It keeps its one-to-one peg through an algorithm that automatically adjusts stablecoin supply based on its demand. It does so by incentivizing LUNA holders to swap LUNA and stablecoins at profitable exchange rates, as needed, to either expand or contract the stablecoin supply to match demand.

Terra has established a number of partnerships with payments platforms, particularly in the Asia-Pacific region. In July 2019, Terra announced a partnership with Chai, a South Korea-based mobile payments application, in which purchases made using the application on e-commerce platforms are processed via the Terra blockchain network. Each transaction is subject to (on average) a 2%–3% fee charged to the merchant.

In addition, Terra is supported by the Terra Alliance, a group of businesses and platforms advocating for the adoption of Terra. In February 2019, the company announced that e-commerce platforms from 10 different countries, representing a user base of 45 million and a gross merchandise value of $25 billion, were members of the alliance.

Terra Classic’s Role for UST

The LUNA token and UST are mutually dependent, as the success of the Terra ecosystem is a function of the adoption of UST as a stablecoin. LUNA backs UST and is burned when demand for UST rises. Following upgrades like Columbus-5, the supply of LUNA could become highly deflationary in the long run.

On the flip side, the value of LUNA can also decrease if UST is perceived as unstable. UST briefly lost its peg following the Wormhole hack, leading to a temporary price crash for LUNA.

In May 2022, a series of liquidations and bank runs from investors pulling their funds out saw UST Classic depeg to as low as $0.044. LUNA Classic crashed over 99% from over $80. UST Classic never recovered its peg.

How Many Terra Classic (LUNC) Coins Are There in Circulation?

As of August 2022, the total supply of Terra Classic (LUNC) is 6.9T, and there are 6.5T LUNC in circulation.

How Is the Terra Network Secured?

The Terra blockchain is secured using a proof-of-stake consensus algorithm based on Tendermint, in which LUNA token holders stake their tokens as collateral to validate transactions, receiving rewards in proportion to the amount of LUNA staked. Tokenholders may also delegate others to validate transactions on their behalf, sharing in any revenue generated. Terra also offers additional guidance to validator nodes on the best practices for helping to keep the network secure.

In May 2019, shortly after Terra’s mainnet went live, blockchain verification and penetration testing firm CertiK completed a security audit of the network. It examined its economic model to test against market manipulation, its architecture and its coding language. CertiK found that the “modeling and mathematical reasoning” of the Terra network were “considered sound,” although it would not comment on the blockchain’s performance.

Where Can You Buy Terra Classic ?

Terra Classic (LUNA) can be purchased on a number of popular cryptocurrency exchanges. Here are some exchanges where you can buy Terra Classic:

Binance: Binance is one of the largest cryptocurrency exchanges in the world and supports trading for Terra Classic (LUNA) with several trading pairs.
KuCoin: KuCoin is a popular cryptocurrency exchange that supports trading for Terra Classic (LUNA) with several trading pairs.
Huobi Global: Huobi Global is a cryptocurrency exchange that supports trading for Terra Classic (LUNA) with several trading pairs.
Gate.io: Gate.io is a cryptocurrency exchange that supports trading for Terra Classic (LUNA) with several trading pairs.
Bitrue: Bitrue is a cryptocurrency exchange that supports trading for Terra Classic (LUNA) with several trading pairs.

When purchasing Terra Classic on any exchange, it’s important to keep in mind the fees associated with the transaction, such as trading fees, deposit and withdrawal fees, and network fees. It’s also important to ensure the exchange you choose is reputable and secure, with proper security measures in place to protect your assets. Finally, it’s recommended to use a hardware wallet or a software wallet to store your Terra Classic (LUNA) after purchase for maximum security.