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Terra 2.0 Launches Cross-Chain Transfer Bridge, LUNA Drops 8%

 


Terra launched the Terra Bridge V2 on mainnet using Cosmos IBC and Axelar Network. The bridge allows users to perform cross-chain transfer of tokens between Terra 2.0, Ethereum, Osmosis, Secret, Cosmos, and Juno.


Additionally, users can use Terra Bridge on Terra Classic to transfer tokens, supported by Axelar, Shuttle, and Wormhole. 


Terra Bridge allows cross-chain transfer option on Terra 2.0

Terra Bridge is a web application that allows users to transfer Terra assets across other blockchains and their respective bridges. Users can connect their wallets via a browser plugin. Supported wallets include Terra Station on Terra 2.0, MetaMask, Coinbase or Trustwallet for WalletConnect on Ethereum, and Binance Chain Wallet or MetaMask on Binance Smart Chain (BSC).


Axelar is only supported for cross-chain transfer between Terra and Ethereum. It allows users to transfer Axelar USD Coin (axlUSDC) and Axelar Tether (axlUSDT).


Cosmos IBC, on the other hand, is supported for cross-chain transfer of LUNA from Terra to Osmosis, Secret, Cosmos, and Juno. Interestingly, the Terra Bridge V2 also supports LunaX, ampLUNA, axlWBTC, axlWETH and GRAV tokens from Terra to Terra.


Additionally, users who wish to use the Bridge with Terra Classic can switch to Terra Bridge Classic. However, Axelar is no longer supported, and only Wormhole and Shuttle are available for cross-chain transfers. Also, there is a warning regarding shuttle:


“Shuttle is deprecated and more details will be released once the schedule is finalized. Shuttle is safe to use until further notice, however use is at your own risk.”


LUNA price falls after bridge launch

Despite this interesting development, Luna's price has fallen by almost three percent. If you take a closer look at the development of Luna 2.0, it seems that the cryptocurrency will only function as a pump and dump coin.


The Luna scandal has shaken investor confidence. Overall, losses of 60 billion US dollars are in the room. Therefore, it is only understandable that investors and private investors tend to avoid Luna. 


These huge losses also led to the authorities becoming involved. Several charges have been drawn up and there is even a jail sentence for Terra CEO Do Kwon (we reported) . The handling and procedure after the crash of the cryptocurrency by Do Kwon has been sharply criticized by crypto experts. 


It is rather unlikely that Luna will be able to re-establish itself at a top level in the long term. The performance of Terra Classic (LUNC) paints an even gloomier outlook. This is down almost five percent in the last 24 hours and is currently at $0.00009374. Insane considering the cryptocurrency was trading above $100 a few months ago.


Hence the recommendation: It is better to invest in established top cryptocurrencies such as Bitcoin, Ethereum & Co. Here, too, the principle of only investing what you would theoretically be willing to lose always applies.

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