Tutorial with Images: Wormhole V2 Cross-Chain Bridge - Seamlessly Transfer Assets between Terra, Solana, BSC, and Ethereum!

After the launch of the V2 version of the cross-chain bridge protocol Wormhole on Solana in September, it officially started supporting asset transfers on the Terra chain starting on Wednesday, the 20th. This allows users to seamlessly bridge assets between Terra, Solana, BSC, and Ethereum, but currently, Terra chain assets only support UST and LUNA.

Wormhole Asset Transfer Process

By following the steps below, you can easily transfer assets through Wormhole. The following demonstrates transferring assets from Solana to Ethereum.

Step One

• Choose the chain under Source from which you want to transfer assets
• Connect your wallet e.g. Phantom
• Select the asset you want to transfer e.g. USDC, you can see the balance in the Balance section
• Enter the amount of assets you want to transfer
• Click Next

The logic of cross-chain assets is to lock the native assets and generate wrapped versions of the assets on another chain. However, it is important to note whether the type of assets you want to transfer has liquidity or applications on the destination chain. For example, transferring USDC will generate wUSDC, so it is essential to ensure that the wrapped assets have liquidity on the destination chain after the transfer. It's like bringing your local currency to a foreign country; if that country does not accept such tokens, even holding the local currency cash in the foreign country would be useless.

Step Two

• Choose the chain under Target where you want to transfer the assets
• Connect your wallet
• Click Next

Step Three

• Click Transfer to transfer the assets

At this point, your wallet will prompt a transaction confirmation. After verification, wait for block confirmation to complete the asset transfer.

Step Four

• Click Redeem to redeem the transferred assets

At this point, your wallet will also prompt a transaction confirmation. After verification, wait for block confirmation to redeem the assets. It is important to note that redeeming assets also requires payment of Gas fees, so there are two transaction processes in the entire flow: asset transfer and asset redemption.

Asset Compatibility Issues

Although Wormhole V2 now supports the transfer of UST and LUNA assets on Terra, it only includes native tokens. If you have previously used Terra bridge to transfer assets across chains, you need to convert the transferred assets into a form acceptable by Wormhole V2 before you can transfer them across chains.

With Wormhole now supporting Terra, the transfer of popular chain assets is more diverse and convenient, allowing the DeFi ecosystem to expand beyond protocols and currencies on its own chain, gradually solving the previous cumbersome cross-chain issues. In addition to token transfers, Wormhole has recently started supporting cross-chain transfers of NFTs.