Wrapped LUNA Classic (WLUNC) has seen a 28% upswing in its price following the reopening of Terra Classic’s Shuttle Bridge. 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.
WLUNC Soars 28% As Terra Opens Shuttle Bridge
In a recent development for Terra Classic users, the Shuttle Bridge has been reopened, allowing for the transfer of wrapped assets back to the network. This update has sparked a 29.99% Wrapped LUNA Classic price surge to $0.00008246 alongside an increase of 28.94% in the WLUNC market cap.
Concurrently, 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 reaction was mild, with a 0.65% surge at the time of writing. The token has, however, broken the $0.00008406 intraday resistance level, signaling a potential rally.
Shuttle Bridge Reopens For 30-Day Asset Redemption
The bridge will stay operational for 30 days following the projected effective date of Terraform Lab’s 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.
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.
Amidst these operational updates, Terra Classic 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 has received overwhelming support from the community, with 98.55% voting in favor. This endorsement reflects trust in the platform’s direction and governance as it prepares to hand over operations to community-led initiatives.
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