First published 30 May 2022, two days after a new chain took the name Terra. Expanded in October 2026 so the new coin is not described as this one, and so a burn is not described as a repaired dollar. Terra Classic is the chain that broke in May 2022. Do Kwon is the person most associated with Terraform Labs, the company that shipped it. The volatile coin was LUNA. The coin that was supposed to stay near one dollar was UST. The defense minted LUNA to try to buy the peg back. The bid died anyway. That week is written up as news: Terra’s collapse is what an algorithmic peg looks like when the bid dies.
The old chain was renamed Terra Classic. LUNA became LUNC. UST became USTC. On 28 May 2022 a new chain launched and kept the name Terra and the ticker LUNA. That coin is not LUNC. USTC is not a dollar, and it is not this coin either. The mint during the break left a supply with no scarce cap. A price times an old circulating figure is a different asset.
A later vote added a tax that burns some LUNC on transfers. The rate is a parameter. A burn does not make USTC redeemable for a dollar, and it does not make LUNC the new LUNA. This page will not walk through the tax or a swap. An address on the classic chain is not an address on the new chain. The wrong network is still the wrong city. Nothing here is an instruction to burn, to stake, or to buy LUNC.
