LUNA Classic refers to the original version of the LUNA token linked to the Terra blockchain, created by Terraform Labs. Initially, LUNA was designed to maintain the stability of Terra’s algorithmic stablecoin, UST, through a system of minting and burning tokens.In May 2022, the Terra ecosystem suffered a major collapse, leading to the devaluation of UST and LUNA. This event resulted in a shift where the original LUNA token became LUNA Classic (LUNC) to distinguish it from the new LUNA token introduced after the collapse.LUNA Classic operates on the same blockchain but has no stablecoin backing. After the crisis, the community focused on reviving LUNA Classic through governance proposals, staking, and other updates in hopes of restoring its value and utility. As of now, it remains a part of the crypto landscape, driven by community interest and ongoing development efforts.