Luna Classic: What Is Terra Luna Classic (LUNC)?


Luna Classic: What Is Terra Luna Classic (LUNC)?

After TerraForm Labs CEO Do Kwon proposed a Luna fork proposal for a new Terra Luna chain, Luna Classic (LUNC) seems ready to emerge this month.

The plan will fork the current chain as part of the Luna recovery following the cryptocurrency meltdown. The Terra ecosystem will then receive a brand new chain.

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The proposal also stated that the old Terra Classic chain, as well as its token, Luna Classic, will be maintained.

What is Luna Classic all about?

After the recent UST/Luna collapse, the original Terra Luna token (LUNC) was left behind after a fork to a new Terra chain.

Kwon's great plan for recovery will include a hard fork that will split the Luna Chain into two. It will establish a whole new chain on which future transactions would be conducted.

The Luna Classic and Terra Classic chains will be left behind. Terra will be the name of the new chain created following the fork, as will its Luna token.

The moniker 'Classic' is most likely a reference to the Ethereum/Ethereum Classic split that occurred following Ethereum's 2017 DAO breach. This appears to be another ploy to promote the UST crash as "Terra's DAO hack moment," as Kwon claims.

Release Date for Luna Classic

The hard fork that splits the Terra Chain into two will launch Luna Classic on May 27 if all goes according to plan.

This will necessitate the environment revival plan's governance vote, which will commence on May 18.

Luna Classic, on the other hand, technically exists. Because this chain ignores the fork modifications, it will continue to run the Terra ecosystem's current code.

Of course, all of this is contingent on the fork passing. A Luna Classic will not arise if the community instead supports additional Luna fires. Instead, the primary version of Terra Luna will be used.

What Stores Sell Terra Luna Classic?

Although Luna Classic is not now available for purchase, it is already accessible on various cryptocurrency exchanges. Binance, KuCoin, FTX, and Kraken are just a few examples.

With Luna delistings already in the works, we're not clear if a fork and adoption of the new chain will result in a Luna Classic delisting.

In any case, with Binance CEO CZ appearing opposed to a fork, Luna Classic is unlikely to disappear from exchanges anytime soon, especially as many exchanges will automatically store LUNC following its introduction.


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