Terra (LUNA) is a public blockchain protocol that originated from Terra Classic. Terra Classic is the foundation for the algorithmic stablecoin TerraClassicUSD (UST). The LUNC token, which has since been renamed, served as collateral for UST but suffered a significant devaluation during a bank run in May 2022. This incident led to the LUNA token's value declining to nearly zero and resulted in the creation of a new blockchain, thereby splitting into Terra Classic and Terra. For a comprehensive analysis of the Terra crash, refer to the detailed report. The development of Terra Classic commenced in January 2018, with the blockchain officially launching in April 2019. It aimed to merge the price stability and broad adoption of fiat currencies with Bitcoin's (BTC) resistance to censorship, offering rapid and cost-effective settlements through its UST stablecoin. Terra Classic provided 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 preserves the legacy of Terra Classic, albeit without the UST stablecoin. It will continue its development with support from the LUNA community, known as "LUNAtics," and strive to enhance the world-class user experience and interface that previously elevated Terra Classic to second place in total value locked (TVL) at its peak. Numerous decentralized applications have decided to transition to Terra to maintain their operations.

Terra was established in January 2018 by Daniel Shin and Do Kwon. The motivation behind the project was to facilitate the rapid adoption of blockchain technology and cryptocurrency, emphasizing price stability and usability. Kwon assumed the role of CEO at Terraform Labs, the organization responsible for Terra. Before developing Terra, Shin co-founded and led Ticket Monster (TMON), a prominent South Korean e-commerce platform. He also co-founded Fast Track Asia, a startup incubator that collaborates with entrepreneurs to create fully operational companies. In his previous endeavors, Kwon founded and was the CEO of Anyfi, a startup offering decentralized wireless mesh networking solutions. He has additionally worked as a software engineer at Microsoft and Apple. Following the collapse of Terra Classic, Do Kwon proposed a revival plan, leading to the hard fork of Terra Classic and Terra. His plan attracted criticism from Binance's founder Changpeng Zhao, Vitalik Buterin, and discontented UST investors. Nonetheless, his proposal was approved by the community, resulting in the hard fork of Terra Classic into the new Terra blockchain on May 27, 2022.

Terra will continue its operations without the algorithmic stablecoin UST, focusing on sustaining the Terra ecosystem with the support of hundreds of developers engaged in various decentralized applications. The LUNA token will be distributed via an airdrop to Luna Classic stakers, holders, residual UST holders, and key developers of Terra Classic applications. For the airdrop event, Terra has excluded the wallet of Terra Foundation Labs, transitioning Terra to a fully community-owned chain. The airdrop process will follow two snapshots: the first taken before the Terra Classic crash on May 7, and the second taken after the crash on May 27. Eligibility for the airdrop is outlined as follows:

Terra (LUNA) has a total supply of 1 billion tokens, allocated as follows: * Developer Mining Program: 8% - Essential application developers receive a share of the mining program proceeds pro-rata to the amount of TVL each quarter for four years. * Developer Alignment Program: 1.5% - Protocol teams active in Terra Classic will share this allocation, weighted by the last 30-day TVL from the pre-attack snapshot; includes a one-year cliff and three-year vesting period. Adjustments will be made for applications where TVL is not applicable. * Emergency Allocation to App Developers: 0.5% - Provided immediately after network launch to support development; commitment required to return funds if the product is not launched within one year. * Community Pool: 20% - Governed by staked governance * Pre-attack LUNA Holders: 35% - Includes all bonded/unbonding Luna, excluding TFL at the "Pre-attack" snapshot; staking derivatives are included. - For wallets with < 10k Luna: 30% unlocked at genesis; 70% vested over two years with a six-month cliff. - For wallets with < 1M Luna: one-year cliff, two-year vesting thereafter. - For wallets with > 1M Luna: one-year cliff, four-year vesting thereafter. * Pre-attack aUST Holders: 10% - 500K whale cap—covers up to 99.7% of all holders but only 26.72% of aUST. - 30% unlocked at genesis; 70% vested over two years thereafter with a six-month cliff. * Post-attack LUNA Holders: 10% - Staking derivatives are included. - 30% unlocked at genesis; 70% vested over two years thereafter with a six-month cliff. * Post-attack UST Holders: 15% - 30% unlocked at genesis; 70% vested over two years thereafter with a six-month cliff. Definitions: * “Pre-attack” snapshot: Taken at Terra Classic block 7544910 (2022.05.07 22:59:37+08:00). * “Post-attack” snapshot: Taken at Terra Classic block 7790000 (2022.05.27 00:38:08+08:00). All tokens that are locked or vesting are staked at genesis and must be unbonded to become liquid. Additionally, Terra has committed to burning the remaining 1 billion UST from the community pool to reduce the outstanding debt in the Terra ecosystem. The LUNA airdrop is scheduled for May 28, 2022, at 06:00 GMT.

The Terra blockchain is safeguarded by a proof-of-stake consensus mechanism built on Tendermint. In this system, holders of LUNA tokens stake their tokens as collateral to validate transactions, earning rewards commensurate with the quantity of LUNA staked. Terra encourages network security by offering staking rewards with an annual inflation rate of 7%. This approach aims to align the interests of validators with the long-term success of the Terra ecosystem.

Several centralized exchanges, including Huobi, Bitrue, Bitfinex, KuCoin, Gate.io, Bybit, and LBank, have committed to trading the new LUNA token, with more expected to follow soon. If you are interested in purchasing LUNA or other cryptocurrencies such as Bitcoin, Eulerpool offers an educational section, Alexandria, which provides information on all aspects of crypto and guides you on how to purchase your first coins.

* Luna Classic (LUNC) (including staking derivatives) * Fewer than 500k aUST (UST deposited in Anchor)

- Luna Classic (LUNC) (including staking derivatives) - UST At the time of Genesis, 30% of the LUNA airdrop will be immediately accessible to pre-attack users who possessed wallets with less than 10,000 LUNA (including staking derivatives) or had deposited UST in Anchor, as well as to post-attack users holding any amounts of LUNA (including staking derivatives), UST, or both. Additionally, the vested LUNA distributed through the airdrop will be automatically staked with Terra validators. Users have the option to change their delegator and will receive staking rewards on their vested LUNA, though they are subject to a six-month cliff. You can find comprehensive details of the Terra (LUNA) airdrop in this explanatory article by Terra.