On, August 28, #TerraformLabs announced the reopening of the Shuttle Bridge interface. This platform is crucial for users who hold wrapped versions of $LUNC
(Luna Classic) and $USTC
TerraUSD Classic), facilitating their transfer between the blockchain and other prominent blockchains such as Ethereum, $BNB
Chain (BSC), and Harmony.
The #announcement detailed the operational window for this service, stating: “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. 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.”
This interface not only enables the retrieval of assets from these blockchains to Terra Classic but also marks a limited-time opportunity for users to redeem their wrapped assets before the company progresses further in its bankruptcy resolution. After the bridge closes, all crypto assets still in the contracts will be burned. Thus, this the last opportunity for users before the bridge will be permanently shut down. “Users of the Terra Shuttle bridge on #TerraClassic are recommended to use this opportunity to redeem their Terra Classic assets,” the announced.
Just yesterday, the company made another crucial announcement via X. The company unveiled what it intends to be the final upgrade to the blockchain, known as Proposal 4818. This comes as part of the company’s broader strategy to conclude its direct involvement in active development within the ecosystem due to its ongoing legal and financial restructuring.
The statement elaborated: “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 marks a pivotal transition from Terraform Labs-led development to community-driven efforts to sustain and possibly evolve the blockchain infrastructure. “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.
