01 Exchange Launches Terra Cross-Chain Deposits powered by Wormhole
By partnering up with Wormhole traders can now fund their 01 Solana margin accounts using Terra Station wallets
01 Exchange is excited to introduce Terra as the next cross-chain supported blockchain that can be used to make deposits directly into the 01 margin account on Solana.
Thanks to Wormhole, 01 Exchange is the sole decentralized exchange supporting full cross-chain deposits now from 2 separate chains (Terra & Ethereum). Now, traders can freely use their Terra Station wallet to fund their 01 margin accounts (on the Solana blockchain).
What is a Cross-Chain deposit?
Cross-chain depositing is a unique feature, currently only available on 01 Exchange, that allows traders to deposit into their 01 margin account from any supported blockchain (Ethereum, Solana, now Terra, and more to come).
Cross-chain depositing enables traders to connect their Terra Station wallet to 01, and deposit UST (soon Luna) directly into their margin account (which is on Solana), without needing to worry about going to a centralized exchange, swapping their tokens from their Terra format to a Solana format.
Prior to 01’s cross-chain deposit feature, traders would only be able to interact with Solana dapps using a Solana-native wallet (such as Phantom, Sollet, Slope, etc.). Today, 01 is excited to break that barrier by allowing users from Terra to deposit directly through their Terra Station wallets.
No more need to worry about manually bridging, manually swapping, or manually converting. Simply connect a Terra wallet, click transfer, and you’re ready to start trading!
What is Wormhole?
Wormhole is a generic message-passing protocol that connects to multiple chains including Terra, Ethereum, Solana, Binance Smart Chain, Polygon, Avalanche, and Oasis. Wormhole enables tokens to be transferred across different chains.
01 Exchange is excited to be partnering directly with Wormhole to provide the first-ever cross-chain deposit feature in DEX history.
Why is this game-changing?
01 has always strived towards building all the features of a centralized exchange, but decentralized. By allowing users to natively deposit any asset from any chain and any wallet, 01 goes one step closer to that goal.