Wormhole, a cross-chain interoperability protocol that connects high-value blockchains, has recently added user interface (UI) support for the Terra (LUNA) network. A single unified interface will enable users to seamlessly transfer tokens between Terra, Ethereum, Solana, and Binance Chain. Since the Wormhole cross-chain bridge is planned to replace Shuttle, the Terra-Ethereum bridge will eventually become […]
Since the Wormhole cross-chain bridge is planned to replace Shuttle, the Terra-Ethereum bridge will eventually become deprecated, meaning users will need to migrate their assets.
Migrating to USTw and LUNAw
According to Terra’s developers, “Wormhole will become the preferred cross-chain bridge for Terra to Ethereum, BSC, and Solana as a decentralized improvement over Shuttle.”
1/ The @wormholecrypto support for Terra in the V2 UI is live!
— Terra (UST) Powered by LUNA (@terra_money) October 19, 2021
The network’s latest interoperability boost enables users to port their Terra tokens without double wrapping them.
Meanwhile, both Shuttle assets and Wormhole assets will continue to co-exist, Terra’s developers explained in the official Medium post announcement.
“The plan is to gradually phase out Shuttle token liquidity, hook Wormhole into Terra Bridge, and drive liquidity to Wormhole. In the current Wormhole support for Terra, both UST and LUNA will be available to transfer between chains,” clarified the developers in the UI walkthrough, noting that they “expect the short-term co-existence of multiple bridge assets to become normalized as the industry transitions to more robust decentralization technology.”
“Users who hold Shuttle UST or LUNA on Ethereum or BSC will need to migrate their tokens to USTw and LUNAw before transferring them across Wormhole,” the announcement added, pointing out that the tickers for Wormhole UST and LUNA on Ethereum, BSC, and Solana are USTw and LUNAw.
Phasing out Shuttle liquidity
According to the announcement, exchanges and projects on Ethereum, Solana, and BSC have been notified of the gradual phase-out of Shuttle liquidity.
The project underscored that Wormhole V2 was launched with only UST and LUNA support until Terra’s native protocols, Mirror (MIR) and Anchor (ANC), which are currently also working on independent migrations to Wormhole, complete the process within the next two weeks.
“Separate announcements and details will follow for mAssets, MIR, ANC, and other Terra assets moving forward,” they reassured.
The added Wormhole support is expected to further the adoption of Terra’s stablecoins, consequently increasing the native token’s value.
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