Terra is a blockchain protocol that leverages fiat-pegged stablecoins to facilitate stable and secure global payment systems. By combining the stability and widespread acceptance of fiat currencies with the censorship-resistant nature of Bitcoin (BTC), Terra offers swift and cost-effective settlement solutions. Development of the Terra protocol commenced in January 2018, culminating in the official launch of its mainnet in April 2019. As of September 2021, Terra provides stablecoins pegged to major currencies such as the U.S. dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund's Special Drawing Rights basket, with plans for further expansion. On May 28, 2022, the genesis block of a new chain was introduced to facilitate future transactions under the name Terra (LUNA), while the original Terra Chain was rebranded as Terra Classic. The native token, formerly known as LUNA, was renamed LUNA Classic (LUNC). Additionally, all network stablecoins (UST, KRT, EUT) were rebranded as Terra Classic stablecoins (USTC, KRTC, EUTC), with no Terra stablecoins present on the new chain. The introduction of the term "classic" has led to speculation, drawing parallels to the Ethereum/Ethereum Classic split in 2017. According to CEO Do Kwon, the crisis involving UST in the spring of 2022 is akin to the Ethereum's DAO hack incident in 2017.