Terra (LUNA) is a public blockchain protocol that originated from Terra Classic, which was home to the algorithmic stablecoin TerraClassicUSD (UST). Following the devaluation of UST, collateralized by the now-renamed LUNC token, due to a bank run in May 2022, LUNA's value plummeted close to zero, prompting the launch of a new chain — resulting in the coexistence of Terra Classic and Terra. You can find a comprehensive breakdown of the Terra crash here. The development of Terra Classic commenced in January 2018, with the blockchain officially launching in April 2019. Its objective was to merge the price stability and widespread acceptance of fiat currencies with the censorship resistance of Bitcoin (BTC), offering swift and cost-effective settlements through its UST stablecoin. Terra Classic provided stablecoins pegged to various currencies, including the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket. The new Terra blockchain carries on the legacy of Terra Classic, albeit without the UST stablecoin. It intends to progress with the support of the LUNA community, affectionately referred to as "LUNAtics," and enhance the world-class user experience and interface that contributed to Terra Classic's peak position as the second-highest in total value locked (TVL). Numerous decentralized applications (DApps) have committed to migrating to Terra to sustain their operations.