A new listing featuring – LUNC – the token of Terra Classic Blockchain will be available to trade on BitMEX, and with up to 10x leverage from tomorrow. For the lowdown on the latest listing, read on.
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LUNCUSDT is a linear perpetual swap, margined in USDT. This allows users to gain exposure to the price of the Terra Classic token and trade it with leverage, without needing to have any LUNC holdings.
Key contract details for our LUNC token listing:
Margin Currency: USDT
Contract Size: 1 LUNC
Lot Size: 1000
Minimum Trade Amount: 1000 LUNC
Max Leverage: 10x
Maker Fee: -0.015%
Taker Fee: 0.02%
Base Initial Margin: 10.00%
Base Maintenance Margin: 5.00%
More About the LUNC Token
What Is Luna Classic (LUNC)?
Luna Classic (LUNC) is the first native token of Terra blockchain released in August 2018. It existed before the launch of the new chain — now branded Terra (LUNA) — and works with the original code of the Terra ecosystem. The main function that the native token performed was to absorb the price deviation of the algorithmic stablecoin — $UST. The price of the UST stablecoin was pegged to the US dollar by minting and burning UST tokens to balance the supply and demand of the coin. In May 2022, UST lost its peg and collapsed. The UST stablecoin algorithm created trillions of LUNA tokens, fell into a hyperinflationary spiral, and reduced the value of the original LUNA token by 99%.
What is the difference between Terra (LUNA) and Terra Classic (LUNC)?
Both versions of the token have the right to exist as a result of the implementation of a proposal called Terra Ecosystem Revival Plan 2. The essence of the plan is to split the current blockchain through forking, which created a new chain in the ecosystem, preserving the previous version. According to the recovery plan, the existing chain and token have been rebranded as Terra Classic. The new LUNA tokens were airdropped to existing holders of LUNA and UST before the depeg and subsequent crash occurred.
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