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Terra Bridge V2 has been launched, allowing users to transfer LUNA from Terra 2.0 to Ethereum

04 Jun 2022 By : COIN GABBAR
Terra Bridge V2 has

Terra Bridge V2 has been launched, allowing users to transfer LUNA from Terra 2.0 to Ethereum

Terra has introduced Terra Bridge V2, a new system on the Terra Mainnet. Cosmos and Axelar are used to improve the bridge's operation. Axela allows worldwide connectivity for Web3, while Cosmos enables interoperability among a number of blockchains.

Terra's most recent step is in its efforts to rehabilitate the Terra ecosystem. With this, it seems that Do Kwon and his staff are working hard to regain the community's trust, which was seriously damaged by the collapse of Terra Luna and UST last month. Terra used Twitter to announce the launch of the new system.

Terra Bridge V2 Info

The Terra Bridge V2 is a platform that allows users to move their digital assets between blockchain networks such as Ethereum, Secret, Cosmos, Osmosis, and Juno.

LUNA and LUNC are the assets in question

Terra 2.0 has a new coin called LUNA, which is a rebranded version of the original Terra token (Renamed into Luna Classic). Terra Classic is the new name for the original Terra chain.

While the new development is welcomed by the Terra community as a whole, some believe Do Kwon and his Terra team should continue their attempts to burn LUNC.

Support for the LUNC is to be discontinued

The Terra Bridge V2 could be a significant advancement for the Terra ecology. Nonetheless, it appears that the developer team is largely focusing on the new LUNA rather than continuing to support LUNC in various ways.

The LUNA and LUNC access points on the Terra Bridge V2 are different. Users can go there for LUNA and send their tokens through this wormhole. There are no restrictions for utilizing this one, except that users should avoid using exchange addresses when moving assets between chains.

However, aside from the condition indicated above, it looks that LUNC support on the Terra Bridge V2 will be limited. Support for UST and Terra Classic (LUNC) is set to end on May 31, 2022, according to the website. The dates listed are passed today's date, yet Terra has just announced the launch, so it's unclear what this signifies.