Consider a world in which you can send money to anyone, anywhere, at any time, without worrying about high fees or long transaction times. That world is called Terra; Terra is a platform dedicated to making DeFi more accessible, fast, and cost-effective. It’s a game changer for anyone who wants to reap the benefits of blockchain technology without the barriers that have traditionally made participation difficult for the average person and in this article, we will discuss Terra blockchain versions in full depth.
What is Terra
Terra is a decentralized platform that provides UST, a stable digital currency pegged to the value of the US dollar and this makes it more suitable for use in everyday transactions than other cryptocurrencies, which can be highly volatile. The Terra network also provides stablecoins pegged to the value of other currencies, such as the euro and the Korean won, which broadens its use cases and increases its utility.
Unlike other cryptocurrencies, which can be highly volatile, this stablecoin is intended to be used for everyday transactions as well as Terra also offers financial services such as remittances and a decentralized exchange, and it runs on a fast, efficient, and scalable network. A Proof of Stake consensus mechanism secures the platform, and it is an open-source project with partnerships and support from the blockchain and e-commerce industries.
It is intended to address the issues of volatility and scalability that have hampered the widespread adoption of other cryptocurrencies, such as Bitcoin (BTC) and Ethereum Layer-1.
What is Luna (LUNA)
Luna is a cryptocurrency token and the Terra blockchain platform’s native asset. It is used as a governance token, allowing holders to vote on protocol changes and participate in decision-making processes. Luna also adds liquidity to the Terra network by serving as collateral for the creation of stablecoins like UST. The use of Luna as a governance token, as well as the growth and adoption of the Terra network, drive its value.
As the platform grows and more people use it, the demand for Luna is likely to rise, potentially driving up the price. Luna also gives its holders access to the broader blockchain and cryptocurrency markets, as well as the possibility of earning money through staking and other reward programs.
Luna (LUNA) Price Predictions: Luna’s price today is $2.13, with a 24-hour trading volume of $86.23M. LUNA is +2.71% and it has a circulating supply of 212.24M LUNA. Furthermore, it is currently -9.47% from its 7-day all-time high of $2.36, and 8.74% from its 7-day all-time low of $1.96.
Note: This price chart is captured on Feb 8th, 2023, you may check daily price predictions by visiting Crypto.com and can invest in any specific cryptocurrency.
What is Luna Classic (LUNC)
Luna is the Terra blockchain version 2 native token, and Luna Classic (LUNC) is the Terra Classic native token which is the oldest layer-1 version of the Terra blockchain. When the Terra blockchain market crashed, its owners decided to relaunch a new version of Terra blockchain while also keeping the oldest version of Terra, known as “Terra Classic,” alive by performing minor tasks with no further development. And “LUNA Classic” is the “Terra Classic” native token.
Luna Classic (LUNC) Price Predictions: Today’s price is US$0.000193, with a trading volume of $111.12M, LUNC is +2.25% and it has a circulating supply of 5,974.37B LUNC. Furthermore, it is currently -7.96% from its 7-day all-time high of $0.0002097, and 17.38% from its 7-day all-time low of $0.0001644.
Note: This price chart is captured on Feb 8th, 2023, you may check daily price predictions by visiting Crypto.com and can invest in any specific cryptocurrency.
Why There Are Two Versions of the Luna Tokens
Terra community decided to relaunch the Terra project again with its native token Luna (LUNA) after the bust of the old Terra. After they designed the new blockchain, they distributed (LUNA) among the community to trigger the project. The new Terra blockchain was created on May 28, 2022, as they didn’t stop the old Terra blockchain from remaining alive by performing the little tasks with no development. And it is referred to as Luna Classic (LUNC).
Luna (LUNA) Vs. Luna Classic (LUNC)
- Origin: The big difference between LUNA and LUNC is their origin, LUNA is the native token of the new Terra blockchain which was created in 2022 and the LUNC is the native currency of the old Terra blockchain which was created in 2018.
- Tokenomics: This is another major difference between these two tokens, LUNA is linked with the new Terra blockchain and its market cap is US$2.13, with a 24-hour trading volume of $86.23 M. LUNA is +2.71% and it has a circulating supply of 212.24 M LUNA as well as LUNC is the oldest version Terra blockchain’s token and its market cap is US$0.000193, with a 24-hour trading volume of $111.12 M, LUNC is +2.25% and it has a circulating supply of 5,974.37B LUNC
- Price Predictions: In 2024, the price prediction of LUNA is $4.50, as well as the price prediction of LUNC in 2025, will be $0.0089 and $0.028.
Conclusion
Terra is a decentralized blockchain platform specializing in the development of stablecoins and decentralized finance (DeFi) applications. It intends to provide a fast, low-cost, and scalable blockchain infrastructure to enable efficient and accessible DeFi for all. Terra Classic, on the other hand, is a community-driven initiative that aims to help revive and expand the original Terra blockchain. Terra and Terra Classic are both based on the Cosmos SDK and use a delegated proof-of-stake (DPoS) consensus mechanism.
