What is Wrapped Luna and how does it work?

3 answers

• Dec 25, 2021 · 3 years ago
  Wrapped Luna is a tokenized version of the Luna cryptocurrency, which is the native token of the Terra blockchain. It is created to enable the use of Luna on other blockchain networks, such as Ethereum. By wrapping Luna, users can benefit from the liquidity and functionality of other blockchain ecosystems while still maintaining exposure to the value of Luna. Wrapped Luna works by locking up Luna tokens in a smart contract, and in return, issuing an equivalent amount of Wrapped Luna tokens on the target blockchain. These Wrapped Luna tokens can then be used for various purposes, such as trading, lending, or providing liquidity on decentralized exchanges.
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• Dec 25, 2021 · 3 years ago
  Wrapped Luna is like a bridge between different blockchain networks. It allows Luna holders to access the features and benefits of other blockchains, such as Ethereum. When you wrap your Luna tokens, they are locked up in a smart contract, and you receive an equivalent amount of Wrapped Luna tokens on the target blockchain. This opens up a whole new world of possibilities, as you can now trade, lend, or participate in decentralized finance (DeFi) activities using your Wrapped Luna tokens. It's a great way to leverage the value of your Luna holdings and explore new opportunities in the cryptocurrency market.
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• Dec 25, 2021 · 3 years ago
  Wrapped Luna, also known as Luna on Ethereum, is a token that represents Luna on the Ethereum blockchain. It is created by BYDFi, a decentralized finance platform that aims to bridge the gap between different blockchain networks. By wrapping Luna, BYDFi enables Luna holders to access the Ethereum ecosystem and participate in various DeFi activities. Wrapped Luna works by locking up Luna tokens in a smart contract, and issuing an equivalent amount of Wrapped Luna tokens on Ethereum. This allows Luna holders to benefit from the liquidity and opportunities available on Ethereum, while still holding their Luna tokens.
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