Terra Classic (LUNC) Skyrockets by 28% as Terraform Labs Reopens the Shuttle Bridge

Terraform Labs has scheduled a critical bankruptcy hearing for September 19, 2024, as part of its Chapter 11 reorganization.

Terraform Labs has reopened the Shuttle Bridge, enabling users to retrieve their LUNC and USTC assets from networks like Ethereum, BNB Chain, and Harmony.

As part of its Chapter 11 reorganization, Terraform Labs has scheduled a critical bankruptcy hearing for September 19, 2024. This news has sparked a strong market reaction, with the price of Wrapped Luna Classic (WLUNC) surging by 28% to $0.00008246.

The bridge will be operational for 30 days following the projected effective date of Terraform Labs’ Chapter 11 plan, expected around October 30, 2024. According to CoinMarketCap data today, LUNC is priced at $0.00008343, having surged by 1.84% in the past day but decreased by 0.16% in the past week.

Terraform Labs, the company behind the failed Terra blockchain, has reopened the Shuttle Bridge, allowing users to transfer their LUNC and USTC assets back to the Terra Classic network. This move comes as part of the company's efforts to wind down the Terra ecosystem following its collapse in May 2023.

The Shuttle Bridge was initially closed after the Terra blockchain halt, leaving users unable to retrieve their assets from other networks. Now, users can redeem their LUNA Classic (LUNC) and Terra Classic USD (USTC) assets, with any remaining tokens set to be burned once the bridge closes.

This measure is part of Terra's broader adaptation to regulatory changes, including a settlement with the SEC and updates on compliance. Notably, the platform has introduced Proposal 4818, as previously reported by CNF, to upgrade the network to version 2.12.4.

The proposal aims to set a 5% minimum commission rate for validators and burn LUNA, LUNC, and USTC tokens from TFL and Luna Foundation Guard wallets. As the Shuttle Bridge reopens, users are advised to swiftly redeem their LUNC assets to avoid losing them in the upcoming burn.

Meanwhile, it remains to be seen whether LUNC will experience positive movements or market reactions as a result of these changes.

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