Terra operates as a blockchain protocol leveraging fiat-pegged stablecoins to drive stable global payment systems. The concept fuses the stability and widespread acceptance of fiat currencies with Bitcoin's censorship-resistance, delivering swift and cost-effective settlements.
Initiated in January 2018, Terra officially launched its mainnet in April 2019. By September 2021, it offered stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket, with plans for additional variants.
On May 28, 2022, the genesis block of the new chain inaugurated future transactions under the name Terra (LUNA), while the original Terra Chain rebranded as Terra Classic. The native token, LUNA, was similarly renamed LUNA Classic (LUNC). Notably, all network stablecoins (UST, KRT, EUT) were rebranded as Terra Classic stablecoins (USTC, KRTC, EUTC), eliminating Terra stablecoins on the new chain.
Speculations suggest the term "classic" echoes the
Ethereum/
Ethereum Classic division in 2017. CEO
Do Kwon likened the UST collapse in spring 2022 to Ethereum's DAO hack in 2017 as a pivotal moment.