Terra (LUNA), Terra Luna Classic’s collapse led to the reform of the Terra ecosystem and the introduction of a new native token. The new Terra Luna was introduced to ensure the ecosystem’s continuity with improved mechanisms, inheriting the original vision. The development team aims to create a more resilient and transparent platform by learning from past mistakes. In this article, you can find answers to two frequently asked questions: What is Terra (LUNA) and how to buy Terra (LUNA) with TRY.
What is Terra (LUNA)?
Terra is the native token of the newly reformed Terra ecosystem. This token emerged after the collapse of the original Terra Luna, now known as Terra Luna Classic. A new token was introduced to ensure the continuity and flexibility of the Terra ecosystem.
As is known, the original Terra Luna experienced a significant collapse in 2022, leading to a complete overhaul of the ecosystem. Terra Luna Classic, as it is now known, could not maintain its value and operational integrity, necessitating a new strategy. This collapse was a critical moment that required swift and decisive action to restore trust among users and investors.
In response to the collapse, the Terra community and developers decided to introduce a new token under the same name, Terra Luna. This move aimed to revive the ecosystem and provide a fresh start. The new Terra Luna is designed to inherit the original vision while implementing improved mechanisms to prevent past issues.
The new Terra Luna comes with various features aimed at increasing its stability and usability. It includes advanced technological frameworks to ensure robust performance. Additionally, the governance model has been developed to allow a more transparent and democratic decision-making process by involving the community in critical aspects of the ecosystem’s evolution.
The future of the Terra ecosystem looks promising with the introduction of the new Terra Luna. The development team is committed to learning from past mistakes and creating a more resilient platform. This includes continuous updates and innovations aimed at improving user experience and expanding the ecosystem’s reach.
The reactions from the community and investors towards the new Terra Luna have been met with cautious optimism. Many are hopeful that the new token will bring stability and growth. The proactive measures taken by the development team are appreciated, and all these initiatives have led to a renewed sense of optimism surrounding the future prospects of the Terra ecosystem.
How to Buy Terra (LUNA) with TRY?
Binance TR is a suitable cryptocurrency exchange for investors in Turkey who want to buy Terra (LUNA). Over 100 cryptocurrencies, including LUNA, can be traded on Binance TR, where an account can be quickly created. To buy Terra (LUNA) with TRY on Binance TR, 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 your email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and correctly, an 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 Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that need to 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 need your mobile phone to perform identity verification from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and 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 the “Copy URL” option to have the identity verification address sent 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, first, tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue 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 document type you selected, tap on the “Upload back side” option and take a photo of the back side of the document. Make sure 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 after the camera opens.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
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 transactions without interruption from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TL via 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 trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting the bank of your choice from this page. If the bank you prefer does not yet have Binance TR integration, 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 transfers via wire transfer, EFT, or FAST to that bank. Now, all you need to do is transfer the amount you want to deposit into your Binance TR account using the information displayed on the page of the bank you prefer.
After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy LUNA Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to LUNA 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 page below will open. From the search section on the right side of this page, type “LUNA” and click on the LUNA/TRY option from the results to go to the TL to LUNA purchase page.
Now the following LUNA trading page will open. In this page, you need to enter the price at which you want to buy LUNA in the first box marked with a red box and the number of LUNA you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy LUNA” 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 both fiat-to-crypto and crypto-to-crypto trading services 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) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users are supported by Binance’s core functionalities, gaining access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.
