Terra Classic

Halal Rating :
Questionable
Last Price $0.00 Last updated:
Rank 135
1D Change 10.27 %
Market Cap $623.51m
Circulating supply 5,512,765,669,998
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
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  • Store Of Value
  • DeFi
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  • SEC Security Token

Project Overview

Terra Classic (LUNC) is the original Terra blockchain that experienced a significant collapse in May 2022 when its algorithmic stablecoin UST lost its peg to the US dollar. After the collapse, the original chain was renamed to Terra Classic, while a new chain (LUNA) was created via a hard fork.

Intended Utility

The original purpose of LUNC was to serve as the governance and staking token for the Terra ecosystem, which aimed to create a price-stable cryptocurrency system through its algorithmic stablecoin mechanism. After the collapse, the community has taken over the project, implementing various measures including a 1.2% tax burn on all transactions to reduce supply.

Current Utility and Usage

LUNC currently functions as a governance token for the Terra Classic blockchain. The community can participate in governance decisions through staking and voting. The ecosystem still maintains some DeFi applications, though significantly reduced from its peak.

Token Distribution and Governance

The token distribution is now largely community-driven, with no central team controlling significant portions. The project operates through a DAO (Decentralized Autonomous Organization) where LUNC holders can propose and vote on changes to the protocol.

Development Activity

Development is maintained by the community through various teams working on protocol improvements, focusing on utility restoration and ecosystem rebuilding. Regular updates and proposals are being implemented through governance votes.

Crypto Impact

To assign a comfort level investing in Terra Classic from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Terra Classic.

If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.

We will review your contribution for accuracy before publication.

Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.

You only have one vote per asset so use it wisely.

You can change your vote if you change your mind.

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