https://ift.tt/xTsIXh0 to Terra Bridges – Send Crypto From ETH To Luna Blockchain

Ethereum to Terra Bridges – Send Crypto From ETH To Luna Blockchain

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The existence of cross-chain bridges in the crypto world dramatically facilitates the transfer of assets from one blockchain to another.

This text will introduce users to the bridges that transfer ETH to the Terra blockchain. So, let’s dive into this topic!

Intro

Ethereum is a blockchain-based DeFi platform transitioning from proof-of-work to proof-of-stake. Smart contracts are responsible for making the transaction secure and verified. Cryptocurrency from this platform is Ether. Its label is ETH.

Terra protocol is an open-source blockchain platform for fiat-pegged algorithmic stablecoins that uses smart contracts for its work. It was launched by a South Korean company called Terraform Labs. This protocol has two primary tokens, which are called Terra and Luna.

Terra is stablecoins used to track fiat currencies’ prices. The new amount of Terra is minted by burning the Luna coins. These stablecoins got names by their fiat equivalents – Terra stablecoin called TerraSDR or SDT tracks price of SDR by IMF, TerraKRW (KRT), TerraUSD (UST).

Luna is the native token by Terra protocol used for governance, staking, mining, and as collateral for algo stablecoins on the network. Miners earn Lunas for their work on the network. The Luna is important because it keeps the Terra ecosystem stable. The value of the Luna, and thus the Terra, is growing at a high speed, and according to recent information, it is in 12th place on the list of the largest cryptocurrencies.

Best bridges to send coins from ETH to Terra

Here is a short description and explanation of 3 cross-chain bridges to transfer coins from ETH to Terra.

Wormhole

The Wormhole is a protocol based on the generic message, and it connects Ethereum, Terra, Avalanche, Polygon, Binance Smart Chain, and Solana blockchains. Wormhole’s two main features are the token bridge which allows transfers of wrapped cryptos between the chains listed above, and the NFT bridge, which is in charge of the transfer of ERC721 and SPL NFTs between supported blockchains.

So, in short, Wormhole creates bridges between network chains and thus facilitates the transfer of data or any information between them.

Terra Money Bridge

Terra Bridge is a cross-chain bridge used for transferring Shuttle-supported tokens, native Terra tokens, some mAssets, and other tokens from the Terra ecosystem to another blockchain. Terra Bridge application is available just for web browsers based on Chromium. 1 USD or 0.1% fee will be charged when using Shuttle bridge for cross-chain transfers.

Supported wallets are Terra Station Extension from Terra blockchain; Coinbase, MetaMask, Trust wallet for Ethereum blockchain; Binance Chain Wallet and MetaMask for Binance Smart Chain.

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Multichain

Anyway was founded in 2020 as a cross-chain decentralized exchange, but in 2021 it ceased to be a DEX, and it was left with the function of a cross-chain bridge, which was improved. It later became part of the Multichain brand with even better features and capabilities. Already, Multichain is a leader in cross-chain bridges. It currently has 26 chains in its family and has a daily turnover of $ 100 million and $ 5 billion in terms of total locked values. This shows that users have confidence in their work and feel safe when trading.

Multichain is an open-source-based protocol, and anyone can take advantage of code-controlled cross-chain capabilities, and there are no exist Externally Owned Addresses that act as weak.

The multichain network consists of so-called SMPC nodes. They are in charge of maintaining privacy in transactions between chains. They exist separately from any blockchain. Still, some of them have to work together because each contributes with its own unique key part. Various institutions and organizations manage them, and individuals and everyone’s goal is to work properly.

There are four main Multichain services:

Bridge -to realize a transaction between two chains; first, the assets are locked in a smart contract on one chain, and on the other, the corresponding wrapped assets are minted. In the opposite process, it is necessary to burn the wrapped assets first, and the locked assets are unlocked and returned to the original chain. There are currently more than 600 such bridged assets, and this process takes about 14 days and is free. This service is helpful because it does not require the existence of liquidity on every chain.

Router – allows the transfer of assets between any two or more chains, uses the pre-existing amount of assets of blockchains (with using liquidity pools of those assets) for work, works with Bridged assets smart contract (Multichain is in charge of minting assets on blockchains) – this means that the funds do not have to return to their chains of origin and this is especially important for Ethereum. The router includes Bridges and native assets.

anyCall Cross-Chain Contract Calls – with this function, it is possible to make calls that are secure by the MPC network of Multichain.

Cross-chain NFT Bridges and Router – Multichain has offered a router and bridges for NFT’s (smart contract standards for both ERC-721 and ERC-1155).

Centralized exchanges

KuCoin

With more than 10 million users and over 6 billion in daily trading volume, KuCoin is rightly in the top 5 crypto exchanges in the world. This exchange offers 500+ cryptocurrencies that you can buy, sell, and trade.

Today, KuCoin is available in more than 180 countries around the globe. KuCoin currently supports more than 500 cryptos, including the most popular ones like BTC, ETH, LTC, XRP, ADA, etc., and over 1000 trading pairs.

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Binance

Launched in July 2017, Binance quickly became the world’s largest centralized crypto exchange, with more than $15 billion in daily trading volume. It has over 30 million users all over the world. Binance offers an impressive number of cryptocurrencies that you can buy, sell, and trade with low trading fees.

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Kraken

Founded in 2011 in San Francisco, California, Kraken is one of the oldest and largest crypto exchanges in the business. Kraken currently supports 90+ cryptocurrencies, including BTC, BCH, ETH, LTC, XRP, ADA, and many more.

Besides buying and selling crypto, this exchange also supports margin trading, OTC trading, market, and stop-loss limit order, staking, limit, futures, take profit market order, and more. It is an easy-to-use exchange and an ideal platform for secure, safe, and fast transactions.

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FAQs

Can I send ETH to Terra?

Yes, this is possible by using cross-chain bridges in transfer.

How do you bridge ETH to Terra?

The best bridges for use between ETH and Terra are listed above, so you can choose which one suits you best based on their characteristics.

How do I send money to Terra station?

Terra Station is an official wallet for holding Terra and Luna native tokens.

Send tokens

First, you have to make a new wallet if you already don’t have one or just connect the wallet. After that, click on available tokens in the wallet and enter the wallet address to which you want to send tokens. Enter the number of assets, then “NEXT,” and now you have to verify the transaction and specify tokens for paying fees. After clicking on the “CONFIRM” button, the transaction will be done in a few moments.

Receive tokens

To receive tokens from an exchange, first, you have to check the supported exchange by the Terra network. Then, you have to copy the address of your wallet to receive tokens from an exchange, and it stands near the wallet name. Now just send tokens to Terra Station wallet from chosen exchange.

Can you use MetaMask with Terra?

Terra Bridge supports MetaMask wallet.

How do I send UST to Terra?

There are 2 ways to do this – you can buy LUNA and swap them on Terra Station or buy UST (on Kucoin, for example) and withdraw them to Terra Station. However, these ways aren’t cheap because there are high withdrawal fees. Also, there exists a more affordable way, but it takes some time – by using BSC network, withdraw BUSD to MetaMask wallet, then swap those BUSD to UST and with Terra Bridge bring UST to Terra Blockchain. Here are bridge fees and withdrawal fees much lower.