Read our Terra Classic price prediction to explore the coin’s price journey so far and consider where it could go in the future.

Terra is a blockchain protocol that utilizes fiat-pegged stablecoins to facilitate global payment networks. It began production in January 2018 under Terraform Labs, a startup co-founded by Do Kwon and Daniel Shin. The mainnet was launched in April 2019.  LUNA was Terra’s native governance token.

By September 2021, just a few years a couple of years after the launch, Terra had multiple stablecoins pegged to various currencies, such as the U.S. dollar, South Korean won, and the International Monetary Fund’s (IMF) Special Drawing Rights basket, with plans for further expansion.

In May 2022, following the de-pegging of the USD from UST, the price of LUNA collapsed. Consequently, a recovery plan by Terraforms Labs co-founder and CEO Do Kwan suggested a new chain to replace the Terra network. Hence, Terra (LUNA) was rebranded to Terra Classic (LUNC). The network’s stablecoins – UST, KRT, and EUT – were renamed as Terra Classic stablecoins – USTC, KRTC, and EUTC.