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Terra UST Expressed, The @wormholecrypto support for Terra in the V2 UI is live! Transfers of $UST and $LUNA between Terra, @ethereum, @solana, and @BinanceChain via Wormhole’s cross-chain bridge are now available.
Wormhole is a profound technology at the forefront of cross-chain interoperability. For Terra, it opens another avenue for exporting UST across chains and for various use cases, accruing seigniorage to LUNA holders contingent on increasing demand for UST.
A cross-chain demand apparatus for UST supplemented by the closed-loop cycle of stablecoin demand native to apps on Terra has been years in the making. It’s finally beginning to manifest as a reality for the Terra economy.
With Wormhole now supporting Terra, it’s also important to denote the difference between Shuttle assets and Wormhole assets, which are two different tokens. Shuttle is the current centralized bridge supporting the Terra Bridge interface.
However, Wormhole will become the preferred cross-chain bridge for Terra to Ethereum, BSC, and Solana as a decentralized improvement over Shuttle. Due to the nature of decentralized blockchains, both Shuttle assets and Wormhole assets will co-exist in the short term.
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.
The tickers for Wormhole UST and LUNA on Ethereum, BSC, and Solana are USTw and LUNAw. If you hold Shuttle UST or LUNA on Ethereum or BSC, you need to migrate your tokens to USTw and LUNAw before transferring them across Wormhole.
Once the Terra Bridge integration is complete, all Shuttle assets (e.g., ANC, MIR, etc) will be ready to migrate to Wormhole via the Terra Bridge interface. You can find a list of all the Shuttle assets below.
Exchanges and projects on Ethereum, Solana and BSC have been notified of the gradual phase-out of Shuttle liquidity, and Mirror Protocol and Anchor Protocol are also currently working on migrations to Wormhole.
Terra UST also stated, Please pay attention to notices and disclaimers on exchanges and DeFi-native pools to ensure that you are interacting with the right token (i.e., Wormhole or Shuttle) in the short term until Shuttle is eventually deprecated.
A comprehensive overview of using the Wormhole UI, including migrating Shuttle assets to USTw and LUNAw and transferring them across the bridge is provided by Terra UST. Those who need to know more might want to check the overview.
Operational, trust-minimized cross-chain bridges with significant liquidity pulsing through them seemed like a pipe dream only several years ago, but the vision is finally manifesting. Welcome to Wormhole, the newest cross-chain portal from Terra to Solana, Ethereum, & BSC
