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Terra Classic (LUNC), initially known as LUNA and associated with the algorithmic stablecoin TerraUSD (UST), was rebranded as Terra Luna after a significant price drop. In January 2018, Terra was established to promote the widespread adoption of cryptocurrencies and was supported by major e-commerce companies in Asia. Terra’s innovative payment system replaced complex traditional value chains with a single Blockchain layer, enabling lower-cost transactions and large-scale use cases. In this article, you can find answers to two frequently asked questions: What is Terra Classic (LUNC), and how to buy Terra Classic (LUNC) with TRY.
What is Terra Classic (LUNC)?
The original token of the Terra ecosystem, Terra Luna Classic, was initially known as LUNA. It had an interconnected relationship with TerraUSD (UST), an algorithmic stablecoin designed to maintain stability through an elastic supply mechanism enabled by LUNA. This meant that LUNA was minted or sold according to UST demand. However, a significant price drop in LUNA caused UST to lose its peg to the US dollar, leading to a decrease in the prices of both tokens. Following this, the ecosystem decided to introduce a new token named Terra Luna and rebrand the original token as Terra Luna Classic.
Terra was established in January 2018 to promote the widespread adoption of cryptocurrencies by creating price-stable digital assets pegged to major fiat currencies. Recognizing that previous financial technology innovations were supported by large payment networks (such as Taobao with Alipay, eBay with Paypal, and banks with Visa), Terra was launched with the support of Terra Alliance. This consortium included 15 major e-commerce companies in Asia, serving 45 million users with an annual transaction volume of $25 billion. The project’s vision was to leverage a massive payment network to scale a Blockchain payment system, facilitating the creation of more robust products and use cases.
The Terra concept emerged from discussions between co-founders Daniel Shin and Do Kwon. They designed Terra as a tool to enable the widespread use of cryptocurrency and Blockchain infrastructure. Shin, with experience in establishing one of Asia’s largest e-commerce platforms, highlighted the issues of the existing payment network that couldn’t be resolved with incremental changes. Kwon, the founder of a decentralized wireless network startup, saw these issues as an opportunity to build a new form of money from scratch.
One of Terra’s most significant contributions is its payment system, which replaces the complex value chain of credit card networks, banks, and payment gateways with a single Blockchain layer. This facilitates transactions, offering traders lower fees and allowing them to save money that can be reinvested elsewhere. Additionally, Terra continuously provides infrastructural improvements and tools to support a neutral, distributed, and transparent ecosystem.
The initial adoption of Terra’s Blockchain infrastructure by its partner CHAI has been significant, with over 1.3 million users to date. This success positions Terra to expand its ecosystem by offering competitive programmable payments, logistics, and infrastructure that support industries built on efficiency and scale. Terra’s vision extends beyond payments, aiming to create a comprehensive ecosystem that supports various applications and sectors through its robust and scalable infrastructure.
How to Buy Terra Classic (LUNC) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Terra Classic (LUNC). More than 100 cryptocurrencies, including LUNC, can be traded on Binance TR, where an account can be quickly created. To buy Terra Classic (LUNC) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through the official Binance TR website. Note that you will also need your mobile phone for identity verification from the website.
On the Binance TR website, hover over the “Profile” option in the top right and click on “Identity Verification and Limits” from the dropdown menu, then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by tapping on the “Identity” option first.
Then a screen like the one below will appear. To continue with the verification process, first select the document type that suits you best.
After selecting the document type, you can continue by tapping on the “Upload front side” option. After taking a photo of the front side of the document according to the selected document type, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. Ensure that the images are clear and that the information in the photo is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens.
After completing all these steps accurately and completely, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make uninterrupted transactions from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. For other banks, you can deposit up to 50,000 TL 24/7 with FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first, go to the “Wallet” option at the top left of the homepage on trbinance.com and click on the “Deposit” option from the dropdown menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. Now all you need to do is use the information shown on the bank’s page to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your wallet on your Binance TR account.
How to Buy LUNC Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to LUNC coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. You can go to the TL to LUNC purchase page by typing “LUNC” in the search section on the right side of this page and clicking on the LUNC/TRY option from the results.
Now the following LUNC trading page will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy LUNC in the first box and the number of LUNC you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy LUNC” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers trading services from fiat to cryptocurrency and cryptocurrency to cryptocurrency by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through direct bank channels and trade various cryptocurrencies with TRY trading pairs through Binance TR.
Users supported by Binance TR have access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, backed by Binance’s core functions.
