The two conceived of the project as a way to drive the rapid adoption of blockchain technology and cryptocurrency through a focus on price stability and usability. Terra was founded in January 2018 by Daniel Shin and Do Kwon.
Many DApps have agreed to migrate to Terra to continue their functionality. It will keep building with the help of the LUNA community dubbed “LUNAtics” and evolve the world-class UX and UI that brought Terra Classic up to second place in total value locked ( TVL) at its peak. The new Terra blockchain continues the legacy of Terra Classic without the UST stablecoin. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket of currencies. Terra Classic offered stablecoins pegged to the U.S. It attempted to combine the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offer fast and affordable settlements through its UST stablecoin.
The development of Terra Classic launched in January 2018 and the blockchain launched in April 2019.
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Read a full breakdown of the Terra crash here. That devalued LUNA to virtually zero and caused a launch of a new chain - resulting in Terra Classic and Terra. It's now-renamed LUNC token collateralized UST, which crashed in a bank run in May 2022. Terra Classic is home to the algorithmic stablecoin TerraClassicUSD (UST). Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic.
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