Cross-Chain Transfer Bridge Launched On Terra 2.0! LUNA Price Plunges, What Next ?

Terra Bridge V2 releases on the Mainnet that use Cosmos IBC and the Axelar Network. Users will be able to transfer tokens between Terra 2.0, Ethereum, Osmosis, Secret, Cosmos, and Juno through the bridge.

Furthermore, Terra Bridge, backed by Axelar, Shuttle, and Wormhole, may be used to deposit tokens on Terra Classic. On the other hand, Terra has blacklisted Axelar and Shuttle, leaving Wormhole as the sole viable choice.

Terra Bridge Comes With A Choice Of Cross-Chain Transfer

Terra Bridge is a web application that lets users exchange Terra assets between blockchains using their bridges. A browser plugin helps users to link their wallets.

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) are among the wallets that supports.

Alexar is the one who sanctions only cross-chain transactions between Terra and Ethereum. It lets users send and receive Axelar USD Coin (axlUSDC) and Axelar Tether (axlUSDT).

Cosmos IBC, on the other hand, permits cross-chain LUNA transfer from Terra to Osmosis, Secret, Cosmos, and Juno. Terra Bridge V2 additionally supports the coins LunaX, ampLUNA, axlWBTC, axlWETH, and GRAV on a Terra to Terra basis.

Users who want to work on bridge with Terra Classic can use Terra Bridge Classic instead. Conversely, Axelar is no longer accepted, and cross-chain swaps are limited to Wormhole and Shuttle. 

A cautionary note about Shuttle says, “Shuttle is set to be knocked off and further details will be revealed soon. For now the Shuttle is safe to use, but at your own risk”

LUNA Price Crash With Unveiling Of Bridge

After the Bridge V2 launch, the LUNA price declined by 5%. According to CoinMarketCap platform, the LUNA price has currently dropped by 4.30% overnight trading at $6.50. The LUNA volume is also down by 45%.

On the other hand, at the moment, Terra Classic (LUNC) is trading at $0.0000937 with a downswing of 4.87% in the last 24hrs