Hodlnaut Announces Support of the Terra Network for Terra (LUNA)

Cryptocurrency
First published
May 4, 2022
Last updated
May 4, 2022
Hodlnaut has just announced that it will now be supporting the Terra network to allow users to deposit and withdraw LUNA on the platform. 

Singapore, May 4, 2022 – Singapore-based crypto lending and borrowing firm, Hodlnaut, recently announced that it will now be supporting the Terra network for the recent launch of Terra (LUNA). This means that users can deposit and withdraw LUNA via the Terra network. 

Previously, Hodlnaut only supported the deposit and withdrawal of wormhole UST and wormhole LUNA via the Ethereum network, which was the only network the platform supported. The new Terra network allows for easier, faster and more convenient and cost-efficient transactions of LUNA for all Hodlnaut users. 

Note: The support of the Terra network only allows the deposit and withdrawal of Terra (LUNA), and not TerraUSD (UST).  

The support of the Terra network for LUNA will take effect on 4 May 2022, at 7pm (GMT+8). 

Website

How it Works (Deposit):

Deposit (Website)
  1. Head over to the Deposit/Withdrawal tab, scroll down to the Deposit section and select LUNA.
  2. Next, click on the “Select Network” dropdown menu.
  3. If you would like to deposit via the Terra network, opt for Terra. 
  4. If you would like to deposit via the Ethereum (ERC-20) network, opt for Ethereum (ERC-20). Note that we only accept wormhole LUNA deposits. 
  5. Once done, an “Important Deposit Address” notice will appear. Terra wallet addresses begin with “terra”. Please ensure you are depositing to the correct wallet address if you are depositing via the Terra network. 

How it Works (Withdrawals):

Withdrawals (Website)
  1. Head over to the Deposit/Withdrawal tab, scroll down to the Withdrawal section and select LUNA.
  2. Next, input the Recipient’s Name, Recipient’s Address, Network (select either Terra or Ethereum), and Amount.
  3. If you have chosen the Terra network, you will notice a Memo field. 
  4. The Memo field is not compulsory. However, there are some exchanges that do require you to include the Memo when depositing to that specific exchange. 
  5. If your exchange requires you to include a Memo, ensure that you do so. Otherwise, you may lose your assets.
  6. Once done, click on “Submit”. 

Mobile App

How it Works (Deposit):

Deposit (Mobile App)
  1. Head over to the Deposit tab and select LUNA.
  2. Next, click on the “Network” dropdown menu.
  3. If you would like to deposit via the Terra network, opt for Terra. 
  4. If you would like to deposit via the Ethereum (ERC-20) network, opt for Ethereum (ERC-20). 
  5. Once done, an “Important Deposit Address” notice will appear. Terra wallet addresses begin with “terra”. Please ensure you are depositing to the correct wallet address if you are depositing via the Terra network. 

How it Works (Withdrawals):

Withdrawals (Mobile App)
  1. Head over to the Withdrawal tab and select LUNA.
  2. Next, input the Recipient’s Name and Address, Network (select either Terra or Ethereum), and Amount.
  3. If you have chosen the Terra network, you will notice a Memo field. 
  4. The Memo field is not compulsory. However, there are some exchanges that do require you to include the Memo when depositing to that specific exchange. 
  5. If your exchange requires you to include a Memo, ensure that you do so. Otherwise, you may lose your assets.
  6. Once done, click on “Submit”. 

About Hodlnaut

Hodlnaut is a Singapore-based cryptocurrency borrowing and lending platform that allows users to earn up to 13.8% APY on eight supported cryptocurrencies. Founded in April 2019 by Bitcoin maximalists Juntao Zhu and Simon Lee, Hodlnaut has grown tremendously over the years. 

Hodlnaut has received an in-principle approval (IPA) for a Major Payment Institution License in Singapore from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PS Act) for its Token Swap feature. The firm is also a certified Fintech by the Singapore Fintech Association, an accreditation recognized by the MAS.

For more information, please visit www.hodlnaut.com.

Articles we thought you might enjoy:

Disclaimer: By using Hodlnaut, users expressly acknowledge and agree to the Terms of Use listed on our website at www.hodlnaut.com. This includes the relevant risk warnings applicable to you as a user of Hodlnaut's services, prior to/when carrying out Digital Payment Token (DPT) transactions. This article is for informational purposes only, and is not an offer nor a solicitation to invest in DPT, securities, funds, partnership interests or other investments or funding or purchasing loans. It is the user's sole responsibility to conduct due diligence and research extensively into each DPT and platform, and understand that the volatility and unpredictability of the price of DPT may result in significant loss over a short period of time. No information on Hodlnaut should be considered to be business, legal, financial or tax advice regarding the use of Hodlnaut. Users should consult their own legal, financial, tax or other professional advisors before using Hodlnaut. Please refer to our website at https://www.hodlnaut.com/tos for the full Terms of Use.

Put Your Crypto to Work!
Earn Passively with Hodlnaut

Join Now
Hodlnaut Crypto Interest Account