Wrapped LUNA Classic
Crypto Overview
Overview
Wrapped LUNA Classic (WLUNC) is an ERC-20 token that represents LUNA Classic (LUNC) on the Ethereum blockchain. It maintains a 1:1 peg with LUNC through a wrapping mechanism where LUNC tokens are locked in a smart contract while equivalent WLUNC tokens are minted on Ethereum.
Purpose and Utility
The primary purpose of WLUNC is to enable LUNC holders to access Ethereum's DeFi ecosystem while maintaining exposure to LUNC. It serves as a bridge between the Terra Classic and Ethereum networks, allowing for greater liquidity and trading opportunities.
Business Model
The wrapping mechanism is transparent and straightforward: users deposit LUNC and receive an equivalent amount of WLUNC, which can later be unwrapped back to LUNC. This process doesn't involve interest-bearing mechanisms or gambling elements.
Real-World Adoption
WLUNC primarily sees usage in trading and as a means to access Ethereum-based decentralized exchanges. While its utility is limited to these use cases, they represent legitimate asset exchange activities.
Development Activity
The token operates through established wrapping protocols on Ethereum. While there isn't significant ongoing development, the underlying infrastructure is maintained and functional.
Token Distribution
WLUNC's supply is directly tied to the amount of LUNC locked in the wrapping smart contract. There is no separate token allocation for founders or team members beyond the underlying LUNC distribution.
Crypto Impact
To assign a comfort level investing in Wrapped LUNA Classic from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Wrapped LUNA Classic.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.