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Highlights
- Terra Shuttle Bridge reopens, facilitating asset transfers back to Terra Classic.
- WLUNC surges 28%, with trading volume up 237.75% following the bridge's reopening
- Terra Classic introduces Proposal 4818, with 98.55% community support.
Terraform Labs, the company behind Terra ecosystem, announced the opening of Shuttle Bridge on Wednesday. The Shuttle Bridge reopening enables users to transfer their LUNC and USTC assets bridged from networks such as the Ethereum mainnet, BNB Chain (BSC), and Harmony back to Terra Classic. Traders reacted immediately and WLUNC price skyrocketed 28%.
Terra Opens Shuttle Bridge
In a recent development for Terra ecosystem users, the Shuttle Bridge has been reopened. It will enable users the transfer of wrapped assets, LUNC and USTC back to the network.
The bridge will stay operational for 30 days following the projected effective date of Terraform Labs Chapter 11 plan, which is anticipated to be around October 30, 2024. This date is contingent upon an expected implementation date of September 30, 2024, which may be adjusted.
Following the closure of this window, any assets still within the bridge’s contracts will be burned. Hence, users of the Terra Shuttle Bridge were advised to redeem their assets before the expected deadline. Terraform Labs (TFL) also confirmed that crypto assets in TFL and
Moreover, this period also coincides with Terra blockchain’s engagement with the SEC following a settlement that led to structural changes. The operational updates and the asset redemption window are part of a strategy to ensure compliance with regulatory frameworks.
WLUNC and LUNC Price Saw Upside Move
The opening of Shuttle Bridge triggered a 28% wrapped LUNA Classic price surge to $0.00008246. Moreover, the trading volume for WLUNC increased massively by 237.75% to $173,906.22, indicating heightened trading activity and investor interest. This bullish trend in WLUNC demonstrates the market’s positive reaction to the updates to facilitate asset management and redemption.
Additionally, The bridge’s reopening enhances WLUNC’s liquidity and ensures users retain control over their cryptocurrencies.
However, LUNC price also saw a 4% surge after the announcement but the jumped faded amid market-wide selling pressure. The token is still up more than 2% from a 24-hour low of 0.00008019, however, broken the $0.00008406 intraday resistance level, signaling a potential rally.
Amidst these updates, Terra has also put forth Proposal 4818, a governance initiative that marks a transition in the platform’s management. The proposal aims to upgrade Terra’s mainnet to version 2.12.4. It also mandates a 5% minimum commission rate for validators, ensuring a consistent and fair revenue model.
The proposal will enable the firm to burn LUNA, LUNC, USTC and other tokens in the TFL and Luna Foundation Guard (LFG) wallets.
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