Wrapped LUNA Classic (WLUNC) is an Ethereum, Polygon, or BNB Smart Chain-based token that tracks the price of Terra Classic (LUNC). It is created through a "burning" and "minting" process, where the original LUNC token is stored away and an equivalent amount of WLUNC is minted. This allows Terra Classic holders to transfer the value of their holdings between Terra Classic and other networks, particularly for use in decentralized finance (DeFi) products on Ethereum.
Wrapped LUNA Classic (WLUNC) is a type of cryptocurrency known as a wrapped token. It is an ERC-20 token on the Ethereum blockchain that tracks the value of the Luna Classic (LUNC) coin, which is built on the Terra Classic chain. Wrapped tokens are digital assets pegged to the value of another asset, offering the benefits of both crypto assets and traditional assets. They can be traded on exchanges like any other crypto asset and are backed by the underlying asset, providing stability.
WLUNC is used to represent the value of LUNC on the Ethereum network, allowing users to interact with it on Ethereum-based platforms. This token is popular because it offers a way to bridge the Terra Classic and Ethereum blockchains, making it an attractive option for investors who want to access the value of LUNC without directly interacting with the Terra Classic chain.
Wrapped tokens like WLUNC are often used for trading, arbitrage, and other investment strategies. They provide a way to access the value of assets from different blockchains within a single ecosystem, increasing the flexibility and accessibility of these assets.
Wrapped LUNA Classic (WLUNC) tokens can be stored in a blockchain wallet that supports the type of WLUNC you own, which can be either ERC-20 or BEP-20. For instance, you can use a wallet like Trust Wallet, which supports both Ethereum and BNB Smart Chain networks.
To buy Wrapped LUNA Classic (WLUNC) tokens, you can follow these steps:
Find a Reliable Exchange: Look for a centralized exchange that lists WLUNC. You can refer to CoinMarketCap's Markets section to find a list of exchanges where WLUNC is available.
Set Up a Crypto Wallet: Download a crypto wallet like Trust Wallet, which supports the blockchain where WLUNC resides. Set up the wallet and ensure you have a secure seed phrase and wallet address.
Buy Ethereum as a Base Currency: Use your Binance account to buy Ethereum, which will be used to trade for WLUNC. If you are new to Binance, refer to their guide on buying Ethereum.
Send Ethereum to Your Wallet: Withdraw the Ethereum from Binance to your Trust Wallet. Make sure to set the network to Ethereum and provide your wallet address.
Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet, such as 1inch. Connect your wallet to the DEX using your wallet address.
Trade Ethereum for WLUNC: On the DEX, select Ethereum as the payment and WLUNC as the coin you want to buy. If WLUNC does not appear, find its smart contract address on Etherscan and paste it into the DEX.
- Complete the Swap: Once you have set up the trade, click the Swap button to complete the transaction.
Additionally, you can also use copy trading on platforms like Bitget, where you can follow elite traders and buy WLUNC tokens.