Coinbase will suspend WLUNA crypto trading and UST on May 27th at 12pm ET – users will be able to hold it and transfer it off the platform.
On the Coinbase exchange help section is a ‘What is Wrapped LUNA (WLUNA section):
‘Wrapped Luna (WLUNA) is an Ethereum token that represents Terra (LUNA) on the Ethereum blockchain. It is not LUNA, but a separate ERC-20 token that tracks LUNA’s value. WLUNA was created to allow LUNA holders to trade, hold, and participate in decentralized finance (“DeFi”) dApps on Ethereum. Through a WLUNA partner, 1 LUNA can be exchanged for 1 WLUNA, and vice-versa.’
United States, Canada, UK and EU user can buy WLUNA on Coinbase.
LUNA requires 14 network confirmations, with withdrawal limits per time withdrawing:
- Minimum withdrawal – 0.000000000000000001 WLUNA
- Maximum withdrawal – 8,515 WLUNA
You can buy WLUNA with low fees on Coinbase Pro – login with your Coinbase credentials – the maker / taker of 0.4% / 0.6% fee is cheaper compared to using the main Coinbase site.
There are four WLUNA trading pairs:
- WLUNA – GBP
- WLUNA – USDT
- WLUNA – USD
- WLUNA – EUR
While you aren’t buying LUNA on Coinbase your potential profit and loss (PnL) is still equivalent as the price of WLUNA is 1:1 with Terra (LUNA).
Exercise caution as Coinbase suspending WLUNA and TerraUSD (UST) could be a sign of incoming volatility, on or around the date of its delisting on May 27th – although it won’t be permanently delisted.
The price of WLUNA now is $0.00015, the same as the LUNA price.
eToro, which hasn’t listed Wrapped LUNA, decided to relist Terra (LUNA) on May 19th.
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