What is Wrapped Luna and how does it work in the CoinMarketCap?

3 answers

• Dec 25, 2021 · 3 years ago
  Wrapped Luna is a tokenized version of the Luna cryptocurrency that is compatible with the Ethereum blockchain. It is created to enable Luna holders to access the benefits and liquidity of the Ethereum ecosystem. When Luna is wrapped, it is locked in a smart contract and an equivalent amount of Wrapped Luna is minted. This allows Luna to be used in decentralized finance (DeFi) applications and traded on Ethereum-based decentralized exchanges (DEXs). The value of Wrapped Luna is pegged to the value of Luna, ensuring a 1:1 ratio. CoinMarketCap provides information on the market price, trading volume, and other relevant data for Wrapped Luna.
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• Dec 25, 2021 · 3 years ago
  Wrapped Luna is like a bridge that connects the Luna blockchain with the Ethereum blockchain. It allows Luna holders to tap into the vast array of decentralized applications and services available on Ethereum. By wrapping Luna, users can participate in yield farming, lending, borrowing, and trading on Ethereum-based platforms. CoinMarketCap tracks the price and trading activity of Wrapped Luna, providing users with real-time data on its market performance.
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• Dec 25, 2021 · 3 years ago
  Wrapped Luna is a tokenized representation of Luna that is compatible with the Ethereum blockchain. It is an innovative solution that brings together the benefits of both Luna and Ethereum. By wrapping Luna, users can take advantage of the liquidity and accessibility of the Ethereum ecosystem while still benefiting from the stability and utility of Luna. CoinMarketCap is a reliable source for tracking the price and market activity of Wrapped Luna, ensuring transparency and facilitating informed decision-making for investors and traders.
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