Terra Mainnet Launches Terra Bridge V2.
Terra has launched a new system, dubbed Terra Bridge V2, on the Terra Mainnet. The bridge uses Cosmos and Axelar to enhance functionality. Cosmos facilitates interoperability among a group of blockchains, while Axela facilitates universal connectivity for Web3.
Terra’s latest step in its quest to revive the troubled Terra ecosystem. With this, it appears that Do Kwon and his team are working hard to win back the community’s trust that was severely impacted after Terra Luna and UST collapsed last month. Terra announced the launch of the new system on Twitter.
1/ Terra Bridge V2 is now LIVE on Terra mainnet using @axelarcore & @cosmosibc! ?
With V2, users can transfer assets to & from Terra 2.0, Ethereum, Osmosis, Secret, Cosmos, & Juno ↔️https://t.co/iOK7YyISjz
— Terra ? Powered by LUNA ? (@terra_money) June 3, 2022
About Terra Bridge V2
The Terra Bridge V2 is designed to enable users to transfer their digital assets between various blockchain networks, including Ethereum, Secret, Cosmos, Osmosis, and Juno.
The assets in question are LUNA and LUNC. LUNA is the new coin minted on Terra 2.0, while LUNC is the renamed version of the original Terra token (Renamed into Luna Classic). The old Terra chain is also now called Terra Classic.
While the new development is welcome to the larger Terra community, there are still those who feel that Do Kwon and his Terra team should make efforts to burn LUNC.
LUNC Support To Be Halted
The Terra Bridge V2 could be a step forward for the Terra ecosystem. Still, it seems that the developer team is primarily focused on the new LUNA as opposed to trying to maintain extended support for LUNC on various fronts.
The Terra Bridge V2 employs a different access point for LUNA and LUNC. Users can head to this point for LUNA and use this wormhole to transfer their tokens. There’s no caveat for using this one except for the users to ensure they don’t use exchange addresses when transferring assets across different chains.
However, for LUNC, besides the caveat mentioned above, it appears that support for LUNC on the Terra Bridge V2 won’t last for long. According to the website, support for UST and Terra Classic (LUNC) is indicated to be halted on 5/31/2022. It’s unclear what this means since the dates given are passed today’s date while Terra has just announced the launch.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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