Terra Classic (LUNC) is the original native governance token of the Terra ecosystem. It was previously known as Terra (LUNA) before the UST/Luna collapse and the establishment of a new Terra chain. LUNC is a Proof of Stake blockchain network token that was used for staking, governance, and minting stablecoins. Despite losing significant value after the collapse, it still retains a use case as a payment token within the Terra ecosystem, with a native burn mechanism that could support its price over time.
Terra Classic (LUNC) is the native token of the Terra Classic blockchain. It serves several purposes within the ecosystem:
Staking and Governance: LUNC is used for staking and governance on the Terra Classic blockchain. Users can stake LUNC to validate transactions and participate in governance decisions.
Payment Token: Despite the collapse of the Terra ecosystem, LUNC still retains a use case as a medium of exchange within the Terra Classic ecosystem. Many companies, projects, and decentralized applications (DApps) remain active on Terra Classic, using LUNC as the native currency for transactions.
Native Burn Mechanism: A portion of all transaction fees on the Terra Classic blockchain are burned, permanently removing LUNC from circulation. This built-in deflationary pressure could support the price of LUNC over the long run.
These functions provide LUNC with a degree of fundamental price support and utility within the Terra Classic ecosystem.
To store Terra Classic (LUNC) tokens, you have several options:
Terra Station Wallet:
- Connect your Terra Station wallet to the Terra Staking Portal.
- Select a validator from the list by clicking on their name.
- This method allows you to stake your LUNC tokens securely.
Ledger Hardware Wallet:
- Install the Terra app on your Ledger device.
- Use a third-party wallet like Terra Station to manage your LUNC tokens.
- Ensure you have the correct app installed, as searching for "LUNC" might not yield the correct result; instead, search for "Terra".
KuCoin Wallet:
- Access your KuCoin account and navigate to the wallet section.
- Find LUNC in your assets and deposit it into your KuCoin wallet.
- Use a strong password, two-factor authentication, and keep your wallet software up to date for secure storage.
These methods provide secure and user-friendly ways to store your Terra Classic tokens.
To buy Terra Classic (LUNC) tokens, follow these steps:
Choose a Cryptocurrency Exchange:
- Select a reliable exchange like Uphold, Binance, KuCoin, CoinEx, OKX, Bybit, or gate.io. Each exchange has its own features, fees, and security measures, so research and compare them before making a decision.
Create an Account:
- Register on the chosen exchange's website or mobile app. Provide the required personal information, including your name and email address. You may need to complete Know Your Customer (KYC) verification to increase withdrawal limits and unlock additional features.
Add Funds:
- Deposit funds into your exchange account using various methods such as:
- Credit or debit card (Visa and MasterCard are commonly supported).
- Bank transfer (EU and UK bank accounts are supported on Uphold).
- External crypto wallet (deposit crypto you already own and trade it into LUNC).
- Third-party payment services (available on Binance).
Make a Buy Order:
- Navigate to the Terra Classic (LUNC) page on the exchange.
- Choose whether to use a Market Order or a Limit Order:
- Market Order: Buy LUNC at the current market price.
- Limit Order: Set a specific price at which you want to buy LUNC.
- Enter the amount you want to buy and confirm the transaction.
Store or Use Your LUNC:
- Store your LUNC in the exchange's wallet or transfer it to a non-custodial wallet for added security.
- You can also trade LUNC for other assets, stake it for passive income, or hold it in your exchange account.
Remember to always follow the specific instructions and guidelines provided by the exchange you choose, and be aware of the risks associated with investing in cryptocurrencies.
