Terraform Labs (TFL) Unveils the Reopening of the Shuttle Bridge Interface for Terra Classic (LUNC) Users: Mark This Date In Your Calendars

Today, August 28, Terraform Labs announced the reopening of the Shuttle Bridge interface. This platform is crucial for users who hold wrapped versions of

Terraform Labs (TFL), the company behind the failed Terra Classic (LUNC) blockchain, has announced the reopening of the Shuttle Bridge interface, allowing users to withdraw their wrapped LUNC (wLUNC) and TerraUSD Classic (USTC) (wUSTC) tokens from other blockchains such as Ethereum, BNB Chain (BSC), and Harmony.

The Shuttle Bridge, which was closed following the collapse of the Terra ecosystem in May 2022, enables users to transfer their ERC-20, BEP-20, and ONE tokens back to the Terra Classic blockchain. According to the announcement, the bridge will remain operational for 30 days after the effective date of the Chapter 11 plan, which is expected to be around October 30, 2024.

“The new Shuttle Bridge interface to redeem wrapped assets is now open. […] The bridge will remain open from now until 30 days after the effective date of the chapter 11 plan, which is estimated to be on or around 30 October 2024,” the announcement stated. “Opening the bridge gives you the opportunity to redeem your assets and use them as you wish. Please ensure you redeem your assets as soon as possible to avoid any issues.”

Users who hold wLUNC and wUSTC on other blockchains can now retrieve their original assets on Terra Classic. However, any remaining wrapped assets in the contracts after the bridge is closed will be burned, presenting the final opportunity for users to withdraw their tokens.

“Users of the Terra Shuttle bridge on Terra Classic are recommended to use this opportunity to redeem their Terra Classic assets,” the announcement noted.

This development comes as TFL is preparing to conclude its direct involvement in the active development of the Terra Classic blockchain. In a separate announcement on August 27, the company unveiled Proposal 4818, which will be the final chain upgrade implemented by TFL.

“As TFL begins winding down its operations, Proposal 4818 will be the final chain upgrade that we implement. Pursuant to TFL’s settlement with the SEC and implementation of its proposed chapter 11 plan, TFL will no longer have the ability to support future chain upgrades,” the announcement stated.

According to the announcement, the proposal includes several community-requested updates, such as adjusting the gas refund mechanism, introducing new Terra governance parameters, and enabling IBC (Inter-Blockchain Communication) module migrations.

“Going forward, we look to community-driven initiatives such as the Phoenix Directive (@phoenix_dir) to take over maintenance and operational responsibilities for the blockchain,” TFL wrote via X.

At press time, LUNC was trading at $0.00008526, down 1.1% over the past 24 hours.

The above is the detailed content of Terraform Labs (TFL) Unveils the Reopening of the Shuttle Bridge Interface for Terra Classic (LUNC) Users: Mark This Date In Your Calendars. For more information, please follow other related articles on the PHP Chinese website!