Dear LUNA INU Community,
We are thrilled to announce a significant milestone in the journey of LUNA INU ($LINU)! As part of our ongoing efforts to enhance accessibility and provide more opportunities for our community, we have successfully bridged LUNA INU to the Base Chain using the Axelar Interchain Token Service (ITS), in addition to its existing presence on Ethereum as an ERC-20 token.
You can trade Base LINU right now on Uniswap!
Essential Information
Contract Address (Base LINU): 0x64dc973884456733323b2ea5ab51269493bdafce
Bridge (Eth LINU ↔ Base LINU): https://interchain.axelar.dev/ethereum/0x78132543D8E20D2417d8a07D9ae199D458A0D581
This expansion to Base Chain represents a strategic move towards improving scalability, reducing transaction costs, and increasing overall efficiency for our users. By bridging LUNA INU to Base Chain, we are opening up new avenues for seamless transactions and fostering a more inclusive ecosystem for our community members.
What Does This Mean for You?
- Enhanced Flexibility: With LUNA INU now available on both Ethereum and Base Chain, users have the flexibility to choose the platform that best suits their needs and preferences for trading and interacting with LINU.
- Lower Transaction Costs: By leveraging the capabilities of Base Chain, users can enjoy lower transaction fees compared to Ethereum, making it more cost-effective to engage with LINU.
- Scalability: Base Chain offers improved scalability, allowing for faster transaction processing and enhanced overall performance, ensuring a smooth and seamless experience for our growing community.
- Expanded Opportunities: The integration of LUNA INU on Base Chain opens up new opportunities for partnerships, collaborations, and ecosystem development, further strengthening the value proposition of LINU.
Frequently Asked Questions
Q. What is Base, and why should I care?
A. Coinbase’s Base ecosystem is an Ethereum L2. Though relatively new, it has become a popular blockchain for memecoins due to its low transaction fees (literal pennies vs. the typical $20+ on Ethereum L1). By transacting on Base you will now be able to buy your LINU much more cheaply than on Ethereum mainnet.
Moreover, Coinbase is expected to further integrate Base into its product line (Coinbase Exchange and Coinbase Wallet) in the coming months, which will bring many new retail investors onto Base post-halving. Being a top memecoin on Base is a strategic move that will provide us high visibility going forward.
Further reading: https://www.coinbase.com/blog/introducing-base https://www.coindesk.com/markets/2024/03/26/base-blockchain-transactions-jump-on-meme-coin-led-frenzy/
Q. What is a bridge?
A. A bridge is a mechanism which allows you to transfer tokens from one blockchain to another. For example, you could transfer USDC from Ethereum L1 to USDC on base. You can also, for example, transfer Ethereum itself from Ethereum L1 to Ethereum on Base.
Q. Is Base LINU really the same as Eth LINU? Can I swap between the two?
A. Yes, Base LINU and Eth LINU can be converted at a 1:1 ratio using the Axelar bridge linked at the top of the post. There will be a small transaction fee and it takes awhile, but it does work. If you want to try bridging your LINU from one chain to the other, perhaps test it out with a small amount first.
Q. Why is the price of Base LINU different from the price of Eth LINU on Uniswap?
A. The liquidity pool (the pool of funds that are used to facilitate transactions) for Base LINU is separate from the liquidity pool for Eth LINU. Since the liquidity pool is largely what determines the price per token, there will be some discrepancy between the two. The prices will always stay similar though, due to a process called arbitrage (https://en.wikipedia.org/wiki/Arbitrage). Bots (or intelligent investors such as you!) can make money by buying in the cheaper market and selling in the pricier market. Over time arbitrage makes the prices in the two markets more similar to each other.
Since Base LINU has a small liquidity pool, it will be quite volatile and price discrepancies may be significant. Once the liquidity pool has grown the price discrepancies will stay relatively small.
Q. Okay, I didn’t want an economics lesson. I just want to know where and how to buy more LINU.
A. First, check the price of Base LINU to make sure it is not much more expensive than Eth LINU (in this case you should either buy Eth LINU or wait until arbitrage lowers the price of Base LINU). This step will not be necessary in the future, but until the volatility settles, you should always double-check the price difference (and the price impact on Base) before making a purchase.
Presuming the price point is fine, you need some Base Eth in your wallet. You can do this by either depositing Base Eth from an exchange, or by bridging regular Eth in your wallet to Base Ethereum. Base has an official bridge you can use for this purpose (https://bridge.base.org/deposit), and some wallets support bridging to Base natively.
Once you have some Base Eth, just go to Uniswap and search for the Base LINU contract address. I put it at the top of this post, but here it is again: 0x64dc973884456733323b2ea5ab51269493bdafce
From there you swap as you normally would. The transaction fee will typically be less than 10 cents!
Q. What if I want to convert my Base LINU to Eth LINU, or vice versa? I can’t find these assets on the base.org bridge.
A. Right now, the only bridge that supports LINU conversion is the one we used for deployment, which is the Axelar ITS bridge, linked at the top of the post.
The conversion between the two typically takes 20 minutes. The conversion fee depends on current gas prices, but they were fairly reasonable in our tests.
TL;DR: LINU is BASED
Thank you for your ongoing support and enthusiasm for LUNA INU. Together, let’s soar to new heights as we embark on this next chapter of our journey!
Warm regards,
LUNA INU Team | LinuToken.com | T.me/LINUCommunity | Reddit.com/r/linucoin