Source: LUNAUSD Chart by TradingView
Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Terra Classic is home to the algorithmic stablecoin TerraClassicUSD (UST). It’s now-renamed LUNC token collateralized UST, which crashed in a bank run in May 2022. That devalued LUNA to virtually zero and caused a launch of a new chain — resulting in Terra Classic and Terra.
The development of Terra Classic launched in January 2018 and the blockchain launched in April 2019. It attempted to combine the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offer fast and affordable settlements through its UST stablecoin. Terra Classic offered stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies.
The new Terra blockchain continues the legacy of Terra Classic without the UST stablecoin. It will keep building with the help of the LUNA community dubbed “LUNAtics” and evolve the world-class UX and UI that brought Terra Classic up to second place in total value locked (TVL) at its peak. Many DApps have agreed to migrate to Terra to continue their functionality.
Do Kwon’s Terraform Labs under investigation in Singapore
Terraform Labs is headquartered and registered in Singapore and this is the first time the country has publicly taken action against Do Kwon and his firm.
CryptoSlate Wrapped Daily: Terra tokens declared securities; BUSD market cap down 15%
Terra's assorted tokens have been designated securities and are down 5% on average. Meanwhile, Binance's BUSD stablecoin is down 15% following news that issuance will cease. These and other stories in today's edition of CryptoSlate Wrapped Daily.
Terra-related tokens dump as SEC labels them securities
In the Feb. 16 complaint, the SEC alleged that several tokens related to the Terra ecosystem were securities.
Terra Organization & Team
Terra is a price-stable cryptocurrency designed for mass adoption.More about Terraform Labs
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