There were two pieces of this particular crypto asset framework. The first part was Luna, which was a generic coin with no pegging mechanism or backing assets.

There were two pieces of this particular crypto asset framework. The first part was Luna, which was a generic coin with no pegging mechanism or backing assets. The second part was Terra, which was a USD-pegged stable coin. The novelty was a guaranteed mint/burn mechanism across the two which was intended to maintain the peg on Terra. As the prior poster correctly asserts, Luna was never pegged.