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

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):

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):

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):

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):

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.