Wrapped LUNA Classic Price Today - WLUNC Price Chart & Market Cap | CoinCodex (2024)

Wrapped LUNA Classic (WLUNC) is a digital asset that tracks the price of Terra Classic (LUNC) on the Ethereum (ETH), BNB Smart Chain (BSC), and Polygon (MATIC) networks. WLUNC should not be considered as a direct copy of LUNC on Ethereum but rather a separate ERC-20, or BEP-20 token that reflects the value of LUNC and can be used to participate in decentralized finance (DeFi) products and services running on the Ethereum and BNB Smart Chain networks.

The Wrapped LUNA Classic was initially known as Wrapped LUNA Token, trading under the ticker WLUNA. After the collapse of the Terra ecosystem and the launch of a new Terra blockchain in May 2022, Wrapped LUNA Token was renamed to Wrapped LUNA Classic, while the name of its ticker changed to WLUNC.

Here’s a quick overview of key facts about Wrapped LUNA Classic and its core blockchain features:

• Wrapped LUNA Classic is most commonly known as an ERC-20 token on the Ethereum network that tracks the price of Terra Classic
• In addition to Ethereum, Wrapped LUNA tokens can be created on the BNB Smart Chain and Polygon networks
• In order to mint WLUNC, an equivalent amount of LUNC tokens must be locked in a digital vault, and a conversion fee paid on the target blockchain
• WLUNC allows LUNC owners to transfer the value of their Terra Classic-based tokens to other blockchain ecosystems
• WLUNC can be used to participate in various DeFi products and services running on the Ethereum and BSC blockchains
• Wrapped LUNA Classic was originally known as Wrapped LUNA Token, but was renamed after the Terra ecosystem collapsed in May 2022

What is Wrapped LUNA Classic and how does it work?

Wrapped LUNA Classic is an Ethereum, Polygon, or BSC-based token that tracks LUNC’s price. Wrapped tokens are created through a “burning” and “minting” process. To create a Wrapped LUNA token, the original LUNC token is stored away in a digital vault. Once locked, an equivalent amount of stashed away LUNC tokens can be minted as WLUNC.

While the price of WLUNC is pegged to the value of its underlying asset LUNC, minute price discrepancies occasionally arise due to a combination of network congestion and trading activity.

In essence, Wrapped LUNA Classic allows Terra Classic holders to transfer the value of their holdings between Terra Classic and other blockchain networks. This can be especially useful when pursuing investment opportunities on Ethereum, which is home to by far the largest selection of decentralized applications (dApps), including popular decentralized exchanges (DEXs), like Uniswap (UNI), and crypto lending protocols such as Aave (AAVE).

What is the difference between Wrapped LUNA Classic (WLUNC), Terra Classic (LUNC), and Terra (LUNA)?

Due to the duality of the Terra and Terra Classic ecosystems – and the associated rebranding of their core assets – it can be confusing for some to differentiate between various tokens. Here’s a quick overview of these tokens:

• Terra Classic (LUNC) - LUNC is a native governance and utility token of the Terra Classic network (originally named Terra). Terra Classic leverages the power of fiat-pegged algorithmic stablecoins, such as USTC, to create a next-generation digital payments platform.
  
• Terra (LUNA) - LUNA is a native governance and utility token of the Terra blockchain, which launched in May 2022. It shares many similarities to the original Terra Classic platform, but features no algorithmic stablecoins.
  
• Wrapped LUNA Classic (WLUNC) - WLUNC is a wrapped token of LUNC that exists on Ethereum, BSC, and Polygon networks. Originally named Wrapped LUNA Token with a ticker WLUNA, WLUNC can be used to pursue DeFi investment opportunities beyond the Terra Classic blockchain.

How isWrapped LUNA Classic created?

Wrapped LUNA Classic can be created using a cross-chain solution that supports Terra Classic and supported target blockchains. One such product is Terra Bridge Classic which allows users to connect their MetaMask, WalletConnect, Coinbase, and Terra Station wallets to send tokens from Terra Classic to Ethereum, BNB Smart Chain, and Polygon.

In order to create Wrapped LUNA, a transaction fee has to be paid when minting a new token. As one would expect, when minting WLUNC on Ethereum, an Ethereum transaction fee must be paid, while a BSC fee is paid when minting Wrapped LUNA on the BSC network. By the same token, a Polygon fee must be covered when wrapping LUNC on the Polygon network.

Wrapped LUNA Classic Price History

The price of Wrapped LUNA Classic reflects the price movement of its underlying asset LUNC. Although WLUNA’s price can fluctuate between the two assets at time, due to a combination of network-specific reasons (speed of transactions and network congestion) and demand and supply mechanics on various exchanges, WLUNC is designed to be traded at a 1:1 ratio with LUNC.

Here is what the historical WLUNC price data tells us about key milestones in the token’s price history:

• $20 - The price of WLUNA (later renamed to WLUNC) reached $20 in August 2021, mere weeks after the token first started trading earlier in the month at an initial price of $14.9
• $50 - The price of Wrapped LUNA tokens first surpassed $50 during November 2021’s crypto bull market
• $100 - WLUNC’s price chart skyrocketed past $100 in the final days of 2021 and ascended to its ATH of $119 in April 2022
• $10 - The price of Wrapped LUNA Classic plunged below $10 in the span of two days after USTC first lost its $1 peg on May 9, 2022
• $0.00002 - In the second half of May 2022, WLUNC fell to its ATH lowest price of less than $0.00002

For a glimpse into potential future Wrapped LUNA Classic price movements in addition to the WLUNC live price, you can follow our algorithmically generated Wrapped LUNA Classic price predictions that take into account WLUNC’s current price and a number of market indicators, including Fear & Greed Index, market sentiment, overall volatility, and more.

Wrapped LUNA Classic Market Cap

The market cap of Wrapped LUNA is entirely dependent on the price of its underlying cryptocurrency and how many LUNC tokens have been locked away to mint their wrapped versions on other blockchains. That data is not easily available and is nearly impossible to track. The best guess for WLUNC’s market cap can be made by looking at the circulating supply of Wrapped LUNA Classic and deducing the market cap.

Wrapped LUNA Classic Supply

Contrary to the majority of other cryptocurrencies, which are programmed to have either an uncapped or capped token supply, the supply of WLUNC tokens doesn’t follow the same principles. Since Wrapped LUNA Classic is a wrapped digital assets, its circulating supply depends entirely on users and their proclivity to mint Wrapped LUNA Classic tokens.

The largest supply of wrapped LUNC tokens exists on the Ethereum network (according to Etherscan), with Polygon (according to Polygonscan) and BSC (according to BscScan) coming in a distant second and third, respectively.

In theory, the maximum number of wrapped LUNC tokens that can exist is directly proportional to the total number of LUNC tokens in circulation.