The cryptocurrency cross-chain application now supports over ten blockchains.
Terra’s fast-growing decentralized finance tool has announced that it has added support for five new blockchains to the Terra Bridge.
Do Kwon, founder of the popular blockchain network, disclosed today that the newly added blockchains include Solana, Avalanche, Fantom, Osmosis, and the Moonbeam network.
With the addition of five new networks, users can easily send Terra assets across supported blockchains via their respective bridges.
“Bridge.terra.money now supports Avalanche, Solana, Osmosis, Fantom, and Moonbeam Network. The easiest way to move funds in crypto,” Kwoon noted in the tweet.
Easiest way to move funds in crypto
— Do Kwon 🌕 (@stablekwon) April 12, 2022
Following the addition of five new networks, the Terra Bridge now supports a total of 11 blockchains, including Ethereum, Binance Smart Chain (BSC), and Polygon, among others.
Using the Terra Bridge
For clarity, Terra Bridge is a network that supports cross-chain cryptocurrency transfers between Terra and other supported blockchains.
Users are required to connect their wallets to the Terra Bridge platform on a Chromium-based web browser. You will be required to select the blockchain of the cryptocurrency asset you want to convert and the destination network you want to convert the asset to.
Enter the amount of the asset and add some LUNA tokens to your wallet to cover the relevant fees that may arise.
Users may pay a shuttle bridge fee of up to $1, depending on the network’s congestion at the transaction time.
Terra’s Dominance in DeFi Ranking
Terra has grown in popularity over the last year, especially as the Luna Guard Foundation (LFG), a nonprofit organization that oversees the network, announced earlier this year that it would be buying Bitcoin (BTC) as a reserve for its native stablecoin dubbed UST.
$LUNA, its native cryptocurrency, surged tremendously, overtaking Solana and Cardano (ADA) to become the seventh-largest cryptocurrency by market capitalization.
The token’s surge saw Terra become the second-largest decentralized (DeFi) network with a whopping total value locked (TVL) of $26.61 billion at the time of writing, data on DefiLlama shows.