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LUNA is the native token of Terra, a blockchain developed by the Korean firm Terraform Labs. A total of $32m was raised to fund this development through the private sale of LUNA coins. Investments came from centralized sources including Binance, Huobi, and OKEx.

The founding team was headed by the entrepreneur and investor Daniel Shin, who graduated from Wharton School of Economics in Philadelp[hia and founded HOF, a fintech portfolio company.

LUNA launched in 2019 and for a time was one of the most successful decentralized finance coins. At one point CoinMarketCap ranked it the seventh-largest by market capitalization. Since the recent crash, it has slumped to occupy the 214th spot as of 1 June 2022.