Cryptocurrency Q&A
What is Luna coin used for?
What is Luna coin used for?
EnchantedSeeker
Wed Nov 06 2024
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6 answers
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I'm curious about the practical applications of Luna coin. I want to know where and how it can be used, possibly in real-world scenarios or within specific ecosystems.
6 answers
Dario
Fri Nov 08 2024
Terra LUNA served as the native token of the network, fulfilling dual roles as a staking and governance asset.
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Michele
Thu Nov 07 2024
To participate in the governance of the network, users were required to stake their LUNA tokens. This process allowed them to earn a seat in the governance structure and potentially become validators.
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CryptoVisionary
Thu Nov 07 2024
Alternatively, users could also burn LUNA to mint a token tied to their local fiat currency, offering a digital representation of their local currency.
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ShintoSanctum
Thu Nov 07 2024
As validators, users were tasked with maintaining the network's integrity and security, for which they were rewarded with additional LUNA tokens.
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CryptoAce
Thu Nov 07 2024
Beyond governance and staking, users had another option to utilize their LUNA tokens. They could burn LUNA to mint Terra's UST token.
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