Luna Classic (LUNC) has now officially launched after Do Kwon and his Luna recovery plan saw the release of Luna 2.0 to replace the old coin.
After the passing of a Terra Luna vote, Terra launched a new chain that it hopes will rescue the ecosystem from the Luna crypto crash of early May.
Meanwhile, the old chainr remains - dubbed Terra Classic - alongside its token, Luna Classic.
What is Luna Classic?
Luna Classic (LUNC) is the original Terra Luna coin left behind following the launch of a new Terra chain after the recent UST/Luna collapse.
Kwon's grand plan for recovery introduced a brand new chain to conduct future transactions on.
This left the Luna Classic and the Terra Classic chain. The new chain produced carries the Terra name, as does its Luna token - known as Luna 2.0.
Luna Classic also carries over the existing Luna circulating supply of 6.5 trillion. Wrapped Luna will also continue to follow Luna Classic.
The term 'Classic' is likely a reference to the Ethereum/Ethereum Classic split after Ethereum's DAO hack of 2017. With Kwon stating the UST collapse is "Terra’s DAO hack moment", this seems another way to market it as such.
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Luna Classic Release Date
Luna Classic launched on May 28 as the genesis block of the new chain went live.
Technically Luna Classic existed before the new chain launch, sort of. As this chain ignores the new chain, it will continue on with the existing code that makes the Terra ecosystem.
Following the launch of Luna Classic, it seems the community will focus on more Luna burns to reduce the supply. Some exchanges have already vowed to burn Luna via transaction fees.
Where To Buy Terra Luna Classic
As you could already buy Luna on several cryptocurrency exchanges, Luna Classic is available on many crypto exchanges. These include Binance, KuCoin, FTX, and Kraken, for example. Most of the Luna 2.0 crypto exchanges previously supported Luna, so will continue to do so with LUNC.
Indeed, some holders bought more Luna Classic in the lead up to the new chain. The Luna 2.0 airdrop of new tokens included an allocation for existing Luna holders. This means all existing Luna Classic holders became become holders of Luna 2.0.
However, trading of Luna Classic was paused ahead of the new chain launch. In the Binance Luna 2.0 support announcement, it said it would resume LUNC trading on May 30.
Luna Classic Price
Luna Classic remains heavily down from its original all-time high, as it carries the burden of the original Luna and its crash.
However, much like with the Luna 2.0 price, holders are waiting to see how Luna Classic fares amid the new chain launch. In the run-up to the new chain, it was down 20% but saw a whopping resurgence in the aftermath, even jumping 100% in 24 hours
However, in the recent luna classic news, the newly released V22 upgrade has amped up the prices of the Luna classic which is currently sitting at $0.000445, up 5.36% in the last 24 hours. It now has a market cap of $2,735,898,260.