Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Terra Classic is home to the algorithmic stablecoin TerraClassicUSD (UST). It's now-renamed LUNC token collateralized UST, which crashed in a bank run in May 2022. That devalued LUNA to virtually zero and caused a launch of a new chain — resulting in Terra Classic and Terra. Read a full breakdown of the Terra crash here.
The development of Terra Classic launched in January 2018 and the blockchain launched in April 2019. 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. Terra Classic offered stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket of currencies.
The new Terra blockchain continues the legacy of Terra Classic without the UST stablecoin. 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. Many DApps have agreed to migrate to Terra to continue their functionality.
Terra is an open-source public blockchain with a vibrant and constantly expanding ecosystem of applications. Users can build applications and organizations on Terra using cutting-edge development tools or simply connect wallets to try existing applications. At the core of the Terra ecosystem is the cryptocurrency LUNA, which users can use to pay transaction fees when interacting with various applications, earning rewards, purchasing digital art, or participating in community governance voting activities. Terra is permissionless and borderless, allowing anyone with an internet connection to access its next-generation financial products.
How to Buy LUNA
1. How to Buy LUNA on Exchanges
Step 1: Choose a reputable exchange platform
Select a trustworthy platform from numerous exchanges to make your purchase. Some trusted platforms include Coinbase, Binance, OKX, among others.
Step 2: Register an account
Create an account on the chosen exchange platform. You may need to provide personal information (such as phone number, email) to complete the registration process.
Step 3: Complete identity verification
For security reasons, some platforms may require you to undergo identity verification. Follow the platform's instructions, providing necessary identity information (such as country/ID number) and undergo facial recognition if prompted. Once your identity is confirmed, you'll receive notification.
Step 4: Link your bank or payment method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing LUNA.
Step 5: Purchase LUNA
Find the option to buy coins on the exchange platform, select the C2C buying process, then input the amount of cryptocurrency you wish to purchase. Typically, you'll choose to buy USDT first and then proceed with the purchase method. Simply place your order, make payment to the seller, and you'll receive the cryptocurrency. Once the payment is completed, you can use your exchange assets to buy LUNA.
Step 6: Store your LUNA
After purchase, you can choose to store LUNA in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Tips
To protect your exchange account and LUNA assets, it's essential to use strong passwords and enable two-factor authentication.
How to Buy LUNA via Over-the-Counter (OTC) Trading
Over-the-counter (OTC) LUNA trading occurs directly between buyers and sellers, bypassing exchanges or other intermediaries. Here are the general steps for OTC LUNA trading:
Step 1: Find an OTC trading channel
Start by finding a reliable OTC trading platform or service provider. These platforms typically offer online marketplaces or ways to connect with brokers for trading.
Step 2: Register an account
Sign up for an account on the chosen OTC trading platform. You may need to provide some personal information (phone/email) to complete the registration process.
Step 3: Complete identity verification
For security purposes, some platforms may require you to undergo identity verification. Follow the platform's instructions to provide necessary identity information (nationality/ID) and undergo facial recognition or other verification steps.
Step 4: Browse the trading list
After logging into your account, browse through the platform's trading list to find LUNA trades that interest you. You can choose trades based on the trader's reputation rating, trade volume, price, and payment methods.
Step 5: Select a trading partner
Once you find a suitable trade, click to enter the trading page and carefully review the trader's terms and conditions. Ensure you understand and agree to the trader's requirements, such as trade amount, payment method, trade time, etc.
Step 6: Negotiate trade details
After reaching an agreement with the trader, you can negotiate trade details such as trade amount, payment method, trade time, and location.
Step 7: Make payment
According to the agreement reached with the trader, use the chosen payment method to pay the LUNA purchase amount to the seller.
Step 8: Confirm receipt
Once the trader confirms receiving your payment, they will release LUNA to the LUNA address you provided. You can check your LUNA wallet balance after the trade to confirm its success.
3. How to Buy LUNA through Decentralized Exchanges (DEX)
Buying LUNA on decentralized exchanges (DEX) differs from purchasing other cryptocurrencies on centralized exchanges. Here are the general steps for buying LUNA on DEX:
Step 1: Choose a LUNA-supporting wallet
Create a new wallet supporting LUNA assets, then select a decentralized exchange that supports LUNA.
Step 2: Connect your wallet
Before using the DEX, you need to connect a wallet supporting the LUNA blockchain. You can connect your wallet to the selected DEX via browser extension or mobile application.
Step 3: Deposit funds
In your wallet, select deposit and choose the asset you want to deposit (such as stablecoins). Follow the wallet prompts to complete the deposit process.
Step 4: Find the trading pair
Search or browse for the LUNA trading pair on the DEX. Typically, you can find a search box or a list of trading pairs on the exchange's homepage or trading interface.
Step 5: Place an order
Once you find the LUNA trading pair, you can choose between market or limit orders and input the quantity you want to purchase. Ensure you input the correct price and quantity in the order, then confirm the order.
Step 6: Wait for the trade to execute
Your order will be submitted to the LUNA blockchain and wait for confirmation and execution by miners. Once the order is executed, you will receive the purchased LUNA, which you can view in your wallet balance.
Step 7: Withdraw funds
After completing the trade, you can choose to withdraw the purchased LUNA to your wallet for safer storage of your digital assets.
4. Official Channels for LUNA Project Team or Community
Sometimes, the LUNA project team or community may launch official channels for direct LUNA purchases. This may include private placements, presales, or other forms of direct sales.