A Beginner’s Guide to Terra Classic (LUNC)
Terra Classic (LUNC) is the original native token of the Terra blockchain, formerly known as Terra (LUNA) before the collapse of the UST stablecoin and the launch of a new Terra chain. LUNC operates on a Proof-of-Stake (PoS) mechanism and is used for staking, governance, and payments within the Terra Classic ecosystem.
Despite its sharp drop in value after the ecosystem’s downfall, LUNC still holds relevance as a payment token and benefits from a built-in burn mechanism that gradually reduces its supply, potentially supporting its long-term value.
How Is Terra Classic Used?
1. Staking & Governance
LUNC holders can stake their tokens to help validate transactions and earn rewards. They can also vote on governance proposals that shape the future of the Terra Classic network.
2. Medium of Exchange
LUNC continues to function as a digital currency across various dApps and platforms that operate on the Terra Classic chain.
3. Deflationary Burn Mechanism
A portion of transaction fees is automatically burned, permanently removing LUNC from circulation—this reduces supply and may support price stability over time.
How to Store Terra Classic (LUNC)
You can store LUNC securely using the following wallet options:
Terra Station Wallet
Connect to the Terra Staking Portal.
Choose a validator to stake your LUNC tokens.
Manage your assets directly from the Terra Station interface.
Ledger Hardware Wallet
Install the Terra app on your Ledger device.
Use Terra Station or another compatible wallet to manage your LUNC.
Important: search for “Terra” in the app manager, not “LUNC”.
KuCoin Wallet
Log into your KuCoin account.
Locate LUNC in your wallet and deposit tokens.
Use strong security measures like 2FA and regular software updates.
Each method offers a balance of security and usability, depending on your preference for custody and control.
How to Buy Terra Classic (LUNC)
Follow these simple steps to purchase LUNC tokens:
Step 1: Choose a Crypto Exchange
Pick a reputable exchange that supports LUNC, such as:
Binance
KuCoin
Uphold
OKX
CoinEx
Bybit
Gate.io
Compare fees, user experience, and supported regions before signing up.
Step 2: Create and Verify Your Account
Register with your name, email, and a strong password.
Complete KYC verification to unlock full trading and withdrawal access.
Step 3: Add Funds to Your Account
Fund your wallet using:
Credit/debit cards (Visa, MasterCard)
Bank transfers (available in EU/UK on some platforms)
Crypto deposits from external wallets
Third-party payment services (available on Binance and others)
Step 4: Place a Buy Order
Go to the LUNC trading page.
Choose your order type:
Market Order – buys at the current price
Limit Order – sets a custom buy price
Enter the amount and complete your purchase.
Step 5: Store or Use Your LUNC
After purchase, you can:
Leave it in the exchange wallet for convenience.
Transfer to a non-custodial wallet like Terra Station or Ledger for more control.
Stake your LUNC to earn passive rewards.
Trade or swap it for other cryptocurrencies.
While LUNC no longer holds the same prominence as before the Terra collapse, it still plays a vital role in the Terra Classic blockchain. Thanks to its staking utility, payment capability, and burn mechanism, LUNC maintains a dedicated community and active ecosystem.
Always research thoroughly and store your assets securely before investing in any cryptocurrency.