Terra Classic (LUNC, or LUNA 1.0) circulating supply history up to September 29, 2022
Terra and its two coins initially played a significant role in crypto lending.
In May 2022, over 6,000 billion Terra Classic – the 1.0 version of LUNA - tokens were issued and went into active circulation in a few days. The cryptocurrency’s built-in algorithm triggered this correction following the coin’s significant price drop that month. Terra’s algorithm would "burn" (permanently destroying) LUNA so that it created something else instead: TerraUSD (UST), a stablecoin within the same blockchain. This automated system was meant to keep the price of UST level, potentially avoiding economic sentiment. Because of this initial promise of stability,