Is Wrapped Luna The Same As Luna

Last updated on June 14th, 2022

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If yous are looking to
send LUNA from one platform to another, you may accept noticed that at that place are a few networks that you lot can use, including
ERC20 and Terra.

If you send LUNA via the Terra network, you volition receive
native LUNA. However, if you send LUNA via ERC20, yous volition receive wrapped LUNA.

There are a few differences between these 2 tokens, and hither’s what yous need to know:

The departure between LUNA and wrapped LUNA

Both LUNA and wrapped LUNA (WLUNA) are interchangeable and will hold the same value.
LUNA is a token that exists on the Terra network, while wrapped LUNA (WLUNA) is an ERC20 token that is used to represent LUNA on the Ethereum network.

Yous can view this updated video guide for more data:

LUNA is native to the Terra network,
which is a split blockchain network from the Ethereum (ERC20) network. Every bit such, native LUNA will not exist compatible with ERC20, and then you won’t exist able to send native LUNA to an ERC20 deposit address.

This is similar to how the Bitcoin network is non compatible with the ERC20 network, and so you can’t add BTC to wallets like Metamask.

As such,
wrapped LUNA is a representation of LUNA on the ERC20 network, which can be added to Metamask.

In theory, the value of wrapped LUNA should be equal to LUNA.

At that place aren’t many use cases for wrapped LUNA (wLUNA)

LUNA is the main token for the unabridged Terra ecosystem, so it has a lot of apply cases such as:

• Staking LUNA on Terra Station
• Bonding LUNA every bit bLUNA
• Processing transactions on your Terra Station wallet
• Calculation to liquidity pools on DeFi protocols

Meanwhile,
wrapped LUNA (WLUNA) is an ERC20 token that cannot be used in the Terra ecosystem. This is because the ERC20 network and Terra ecosystems are not able to be continued together.

Equally such,
wrapped LUNA does not have that many use cases. It is mainly used to represent LUNA on the Ethereum network, and could perhaps be used in some DeFi applications.

For case, you could create a liquidity pool using WLUNA on Uniswap.

Apart from that,
there aren’t many functions of WLUNA on the ERC20 network.

However, in that location are some platforms such equally Gemini or Coinbase which only support the ERC20 version of LUNA.

There is a wrapped version of LUNA on the Binance Smart Chain too

Wrapped LUNA is besides available on the Binance Smart Chain, where y’all are able to
transfer a tokenised version of LUNA on this network, which is similar to WLUNA on ERC20.

You can view the Binance Smart Concatenation contract accost from BSCScan.

After that, yous will be able to add information technology to wallets such every bit Metamask.

However, information technology is interesting to annotation that
Binance does non support the Binance Smart Chain version of LUNA! You are only able to deposit or withdraw the native Terra or ERC20 versions of LUNA from Binance.

How tin can I convert from wrapped LUNA to LUNA?

To convert wrapped LUNA (WLUNA) to LUNA, you will need to
send WLUNA to a platform that supports both ERC20 and Terra versions of LUNA. Alternatively, y’all can apply a bridge (eastward.g. Terra Bridge) to catechumen from ERC20 to Terra.

In that location are
3 platforms that support both LUNA and wrapped LUNA (WLUNA):

1. KuCoin
2. Gate.io
3. Binance

This ways that
you volition be able to transport wrapped LUNA to any of these exchanges via the ERC20 network. For example, I will send LUNA to my KuCoin account via the ERC20 deposit accost.

Don’t forget to
double-check that you are able to use the ERC20 network
to withdraw LUNA to the platform of your choice!

Once I have LUNA in my KuCoin account,
I volition exist able to send it to some other wallet via the Terra (LUNA) network.

If you are sending LUNA via the Terra network to another exchange platform such as Binance,
yous will demand to include a memo from the LUNA deposit address.

Even so, if you lot are sending LUNA to Terra Station, you lot do non demand to include a memo.

It does not matter which network to use to transport LUNA to KuCoin. Ultimately, all of them will be
aggregated into one account remainder.

You can echo the same procedure of ‘converting’ wrapped LUNA to LUNA on other exchanges:

1. Send wrapped LUNA to the exchange via the ERC20 network
2. Receive wrapped LUNA on the exchange (it will aggregate wrapped LUNA and LUNA as one balance)
3. Ship LUNA via the Terra network to a wallet which supports the native Terra network

There are some platforms that but supported wrapped LUNA, such as Coinbase and Gemini. Equally such,
you can only withdraw the ERC20 version from these platforms, and non the native Terra version.

You tin use the Terra Span to convert from wrapped LUNA to LUNA too

If you do not want to utilise an exchange, another method yous can use is the Terra Span.

Even so,
you will demand to have wrapped LUNA on a non-custodial wallet such as Metamask.

Here are the steps that you’ll need to take to
span from wrapped LUNA to native LUNA:

1. Connect a non-custodial wallet that has wrapped LUNA (ERC20) inside
2. Copy a Terra network deposit address (usually starts with ‘terra’) every bit the destination address
3. Send native LUNA to the wallet that supports the Terra network

There are two things that you lot may want to notation:

• You will demand to pay a gas fee for this transfer, which can exist quite loftier
• You are only able to send native LUNA to a non-custodial wallet which does non require a memo

The Terra Span does non allow yous to include a memo to your destination address, so you tin can’t transport native LUNA to an substitution like Binance or KuCoin.

Y’all are unable to convert wrapped LUNA to LUNA using Trust Wallet

If you have Trust Wallet, y’all may notice that
your balance of LUNA is split up from wrapped LUNA.

As such, if you ship wrapped LUNA to Trust Wallet,
you can only withdraw it using the ERC20 network.

This is different from an commutation platform, which aggregates both native LUNA and wrapped LUNA into the aforementioned balance.

How can I convert from LUNA to wrapped LUNA?

To convert LUNA to wrapped LUNA (WLUNA), you will need to
ship LUNA to a platform that supports both ERC20 and Terra versions of LUNA. Alternatively, you can utilise a span (e.g. Terra Span) to convert from Terra to ERC20.

The procedure of converting from LUNA to wrapped LUNA is similar to the previous method. In this case, you volition need to
send native LUNA
to a platform like KuCoin.

You will need to
re-create both the deposit address and memo to the platform that you’re withdrawing from, such equally Terra Station.

You lot can detect out more than near the memos here.

If you practise not include the memo in your withdrawal details, at that place is a chance that your funds may exist lost forever!

Once you have
sent over native LUNA to KuCoin, y’all can choose to withdraw it using the ERC20 network.

Yous will need to
withdraw wrapped LUNA to a platform that supports the ERC20 version of LUNA, such as Gemini or Coinbase.

You may want to note that there are some platforms like Huobi that do non support the ERC20 version of LUNA.

As such, yous should not send wrapped LUNA to such platforms!

Y’all tin can catechumen from LUNA to wrapped LUNA on the Terra Bridge too

Information technology is possible for you to
catechumen LUNA to wrapped LUNA
on the Terra Bridge.

Here are the steps you lot’ll need to do so:

1. Connect a non-custodial wallet that supports native LUNA on the Terra network (usually Terra Station)
2. Re-create the ERC20 deposit address of wrapped LUNA from the platform of your choice
3. Send wrapped LUNA to the platform

The gas fees that you’ll pay are lower, compared to the fees y’all’ll demand to pay on the Ethereum network.

Once y’all accept completed the withdrawal, you should receive wrapped LUNA in the platform that you lot accept called.

Determination

Wrapped LUNA is a representation of the native LUNA on the ERC20 network. This is because the Terra network is incompatible with the Ethereum network.

If you would like to convert wrapped LUNA to LUNA or vice versa,
at that place are ii main ways that you tin can do so:

1. Send either wrapped LUNA or LUNA to a platform that supports both Terra and ERC20 deposits, and withdraw using the other network
2. Utilize the Terra Bridge to bridge from ERC20 to Terra or vice versa

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