Coinmetro now supports transfers of Terra cryptocurrency assets on both the Ethereum (ERC-20) and now the native Terra network!
When depositing and withdrawing one of the below-listed tokens, you will now see you have an option to use either the Ethereum Network (an ERC20 token) or the Terra Network (a native token).
You will have the option to send the following tokens:
UST - TerraUSD (ERC-20)
UST - TerraUSD (Native)
LUNA - Terra (ERC-20)
LUNA - Terra (Native)
MIR - Mirror Protocol (ERC-20)
MIR - Mirror Protocol (Native)
What is the difference between a native and ERC-20 Terra token?
When we refer to a 'native' terra token, this means the token is supported and can be transferred using the network that the tokens were initially designed for. In this case, we are referring to the Terra ecosystem. By keeping your Terra tokens on the Terra network you can avoid the high fees often seen on the Ethereum network.
'ERC-20' means that for convenience and use in wallets such as Metamask and other platforms, these tokens are 'bridged' onto the Ethereum network.
Low network fees
Higher network fees
Faster transaction times
Slower transaction times (depending on network congestion)
Must be sent on the Ethereum network to an ERC-20 wallet such as Metamask or Trust
Native to the Terra network
Wallet addresses start with 'terra1'
Wallet addresses generally start with '0x'
What are the fees?
Ethereum fees can cost anywhere from $20 to upwards of $150 depending on network demand, whereas on the Terra network you will see fees ranging from $0.10 to $1. Setting up a terra wallet will allow easy integration with the terra ecosystem, such as Anchor Protocol, Mirror Protocol, and Loop Markets.
Important note: a memo number is not required for deposits on Coinmetro as each client has a unique Terra wallet address.