SNEAK PEEK
- Terra Mainnet launches Terra Bridge V2 on Terra mainnet.
- Users can transfer assets to & from Terra 2.0, Ethereum, Osmosis, Secret, Cosmos and Juno.
- Certain users feel LUNC must be burned.
Terra has launched dubbed Terra Bridge V2, a new system, over the Terra Mainnet. To improve the functionality, the bridge uses Axelar and Cosmos. While the former eases universal connectivity for Web3, the latter eases interoperability is a group of blockchains.
Terra’s recent move aims to revive the troubled Terra ecosystem. It won’t be wrong to say that Do Kwon and his team are putting their best put forward to earn back the trust of the community that’s greatly suffered due to LUNA and UST crash in the last month.
Taking to its Twitter handle, Terra announced the launch of the new system.
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
Reason behind coming up with Terra Bridge V2 is allowing the users to shift their digital assets between multiple blockchain networks, including Ethereum, Osmosis, Secret, Juno and Cosmos.
Assets under question are LUNA, which is the new coin to be minted on Terra 2.0 and LUNC, which is the renamed version of the original Terra Token.
Despite the latest development, certain users feel that Do Kwon and his Terra team must burn LUNC.
No matter the Terra Bridge V2 could be a step forward for the Terra ecosystem; it appears that the developer team is focused on the new LUNA instead of putting efforts to provide 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. They shouldn’t use exchange addresses while transferring assets across different chains.
For LUNC, it seems that support on the Terra Bridge V2 won’t last for long. According to the website, support for UST and Terra Classic (LUNC) was supposed to stop on 5/31/2022. However, the dates given are passed and Terra has just announced the launch.
On June 1, our team featured a special coverage based on LUNA’s prediction- Holding LUNA 2.0 – A Wise Decision or Another Disappointment?
