🧵 LUNC vs. LUNC (Wormhole) — what is the difference?
1/ Native LUNC is the original coin of the Terra blockchain that collapsed in May 2022 and was later renamed Terra Classic.
It has a total supply of about 6.45 trillion LUNC and ~5.53 trillion in circulation.
2/ LUNC (Wormhole) on Ethereum is not a new memecoin.
Contract:
0xbd31EA8212119f94A611FA969881CBa3EA06Fa3d
It was created in 2021 as a Wormhole-bridged representation of the original LUNA, which later became LUNC.
Proof:
etherscan.io/token/0xbd31ea8…
3/ Historically, users locked native LUNA/LUNC on Terra and received Wormhole-wrapped tokens on Ethereum.
Therefore, the Ethereum supply represents only the portion that was bridged—not the entire 6.45T native LUNC supply.
The Ethereum contract currently has only around 18.6B tokens.
4/ Why can their prices differ?
Native LUNC trades mainly on centralized exchanges such as Binance.
Wormhole LUNC trades in separate liquidity pools, including Uniswap. Its price is determined by supply and demand inside those pools.
5/ Normally, arbitrage would keep both prices close: buy cheaper native LUNC, bridge it to Ethereum and sell the wrapped version.
However, Terra Classic is currently unavailable as a source network on Portal Bridge, so new native LUNC cannot easily enter this Ethereum market.
6/ This leaves a limited supply of old Wormhole LUNC on Ethereum. With shallow liquidity and no effective bridge arbitrage, its price can temporarily trade far above or below native LUNC.
A higher displayed price does not prove that it can still be redeemed 1:1.
7/ Conclusion:
✅ Native LUNC = the coin on Terra Classic
✅ 0xbd31… = authentic historical Wormhole LUNC on Ethereum
❌ It is not a newly launched memecoin
⚠️ They now trade in disconnected markets, so their prices can differ significantly
Market reference:
coingecko.com/en/coins/terra…
terra-luna:native
CONCLUSION
The most credible and functional version is native LUNC on the Terra Classic blockchain.
Ranking:
1️⃣ Native LUNC — active blockchain, staking, governance and major exchange liquidity
2️⃣ Wormhole LUNC (0xbd31…) — authentic historical bridged LUNC, but disconnected from native LUNC and highly speculative
3️⃣ Shuttle WLUNA (0xd287…) — the highest-risk version because the Shuttle Bridge is permanently closed and 1:1 redemption no longer exists
If the goal is genuine exposure to the Terra Classic ecosystem, native LUNC is the strongest choice.
Wormhole LUNC may experience larger price increases because of its limited supply and low liquidity, but it should be treated as a separate speculative market—not as guaranteed redeemable LUNC.
Shuttle WLUNA has the weakest fundamentals. Any future recovery would depend on speculation, compensation, migration or a legal settlement.
NFA
🧵 Wrapped LUNA Classic — what happened to the token previously supported by Coinbase?
Contract:
0xd2877702675e6cEb975b4a1dff9fb7baf4c91ea9
This is the historical Wrapped LUNA token issued on Ethereum through Terra’s Shuttle Bridge.
1/ Coinbase suspended WLUNA trading on May 27, 2022, following the collapse of the Terra ecosystem.
After the suspension, users could no longer sell WLUNA on the Coinbase exchange. Any price displayed later was only external market data—not an executable Coinbase buy offer.
Confirmation:
coinbase.com/price/wrapped-l…
2/ In 2024, Terraform Labs opened a final 30-day window allowing holders to redeem wrapped assets through the Shuttle Bridge.
After that redemption period, the Shuttle Bridge was permanently closed.
3/ The remaining assets held in the Shuttle Bridge wallets were burned. As a result, unredeemed WLUNA remained on Ethereum without the original mechanism allowing it to be converted 1:1 into native LUNC.
Bridge closure confirmation:
teapawt.org/terra_money/status/185…
4/ WLUNA still exists on Ethereum and may continue trading on decentralized exchanges.
However, trading does not mean that the token remains fully backed by native LUNC or that it can still be redeemed through the original bridge.
5/ Why could its displayed price rise after Terra’s collapse?
After Coinbase suspended trading and liquidity disappeared from major markets, WLUNA was left trading in small, fragmented liquidity pools.
With very low liquidity, even a relatively small purchase could move the displayed price sharply upward.
6/ A high displayed price did not necessarily mean that holders could sell their entire balance at that price.
Larger sales could have caused:
• extreme price impact,
• significant slippage,
• rapid price collapse,
• or an inability to find sufficient buyers.
7/ Could WLUNA recover?
Its market price may still rise because of speculation and limited liquidity. However, there is currently no official mechanism guaranteeing that WLUNA will return to the price of native LUNC or to its historical price.
Restoring fundamental value would require an extraordinary action, such as:
• a new redemption mechanism,
• a holder snapshot and migration,
• voluntary compensation,
• or a legal settlement.
None of these outcomes is currently guaranteed.
Summary:
✅ WLUNA is the historical Ethereum-wrapped version of LUNA
❌ Terra Shuttle Bridge has been permanently closed
❌ The original 1:1 WLUNA-to-LUNC redemption mechanism no longer exists
⚠️ Low liquidity can produce large displayed price increases without allowing holders to sell substantial amounts at that price
$wLUNA
Dear Terra Community,
Following our previous announcement, the Shuttle Bridge interface has now been permanently closed.
As part of this process, all remaining tokens in the Shuttle Bridge wallets have been burned to complete the shutdown.
Thank you for your attention and support during this transition.