What is the Wrapped LUNA Classic? Wrapped LUNA Classic is a cryptocurrency that represents LUNA Classic on the Ethereum network. cryptocoin.com In this article, you can find answers to frequently asked questions from investors such as what is LUNA Classic, what is a Wrapped LUNA Classic, what is WLUNC and how to buy it.
What is Terra (LUNA)?
Before we move on to the question “What is a Wrapped Luna Classic”, it would be useful to explain what LUNA Classic is. LUNA Classic (LUNC) is the new version of LUNA, one of the most popular altcoins of 2021. Project Terra was one of the biggest altcoins in the past with LUNA and UST tokens. However, in May 2022, the project’s stablecoin, named UST, lost its stability to the dollar. On top of that, the project suffered an unprecedented collapse. Investors lost billions of dollars in this crash.
Following this crash, Terra Blockchain founder Do Kwon sought the support of the community to launch a new token. LUNA holders participated in the voting and decided to continue the project with a new Blockchain and token. Launched on May 28, the new LUNA Classic is actually not much different from the previous LUNA. However, LUNC seems to have managed to attract attention with its rapid rise in the last period. Let’s take a look at the Wrapped Luna Classic, which is the main topic of our article.
What is the Wrapped LUNA Classic?
Wrapped Luna Classic (WLUNA) is a token representing Terra (LUNA Classic) on the Ethereum network. So it’s not LUNA. It is a separate ERC-20 token designed to track the value of LUNA. Wrapped Luna Classic was created to allow LUNA holders to trade, hold and participate in DeFi tokens on Ethereum. WLUNA holders can change their tokens to LUNA Classic if they wish. So when you own a WLUNA, you don’t give up on your LUNAs.
What is WLUNA? What does it do?
Actually WLUNA is an Ethereum based version of LUNC. With WLUNA, users can leverage smart contracts on Ethereum and trade with various tokens. They can also use the LUNA for various purposes such as maintaining it on the Ethereum network. Since WLUNA basically follows LUNC, it has no special value of its own. WLUNA is worth what LUNC is in the market. In addition, holders of the token can exchange 1:1 between WLUNA and LUNC if they wish.
What is the Wrapped Luna Classic? How to take WLUNA?
Wrapped LUNA Classic is the Ethereum-based token of an altcoin that crashed in May and tried to come back to life. For this reason, it is useful for users to research the new LUNA and Terra network before investing. However, if you are interested in buying WLUNA, you need access to some cryptocurrency exchanges. Among these exchanges, there is currently only Coinbase. After you access the exchange, you can buy WLUNA by following the suggested steps.
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