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

Terra 2.0 has launched a new bridge allowing users to move assets between Ethereum, Osmosis, Secret, Cosmos, and Juno.
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Terra 2.0 Launches Cross-Chain Transfer Bridge, LUNA Falls 8%

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

Moreover, people can use Terra Bridge on Terra Classic to transfer tokens which is supported by Axelar, Shuttle, and Wormhole. However, Axelar and Shuttle have been red marked by Terra and Wormhole seems to be the only supported option.

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Terra Bridge Allows Cross-Chain Transfer Option on Terra 2.0

Terra Bridge web application that allows users to transfer Terra assets across other blockchains via their respective bridges. Users can connect their wallets through a browser plugin. The 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 supported only for cross-chain transfer between Terra and Ethereum. It allows users to transfer Axelar USD Coin (axlUSDC) and Axelar Tether (axlUSDT).

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

Furthermore, users looking to use 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. Moreover, a warning regarding Shuttle reads:

“Shuttle is scheduled to be deprecated, and more details will be released once timeline is set. Shuttle is safe to use for the time being – but use at own risk.”

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LUNA Price Falls After the Launch of the Bridge

The launch of the Bridge V2 resulted in a 5% fall in the LUNA price. As per CoinMarketCap, the price has fallen nearly 8% in the last 24 hours, with trading volume tumbling 45%.

Meanwhile, the Terra Classic (LUNC) price has fallen 6%, with the current price trading at $0.00009328.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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