Terra (LUNA) also known as LUNA 2.0, is the new decentralized public blockchain created by the passionate developer pool from the original Terra blockchain, now known as Terra Classic. LUNA 2.0 will assume the Terra name is a new blockchain launched by Terraform Labs as part of the passing of governance proposal 1623. The new blockchain was launched as a genesis chain, meaning it was mined at block zero and had no dApps at launch.
Luna is the Terra protocol’s native staking token used for governance and mining. Users stake Luna to validators who record and verify transactions on the blockchain in exchange for rewards from transaction fees.
LUNA 2.0 has been designed to be a blockchain for users, run by users and aims to have the best tech and smoothest interface in the DeFi space.
Terra Classic (LUNC) experienced a crash of over 99%. This was due to TerraUSD (UST), a stablecoin built on the Terra network losing its peg to $1 US dollar.
A genesis chain is a new blockchain network that starts at block zero. A genesis block refers to the first block of cryptocurrency mined on the new blockchain.
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