Terra is a decentralized blockchain platform designed to support stablecoins and decentralized finance (DeFi) applications. Originally launched in 2018 by Terraform Labs, Terra aimed to create algorithmic stablecoins pegged to fiat currencies, facilitating efficient global payments. However, after the collapse of Terra’s original LUNA and UST in 2022, a new blockchain, Terra 2.0, was launched to continue development, while the original network was rebranded as Terra Classic (LUNC). The new LUNA token is used for staking, governance, and securing the Terra 2.0 ecosystem.