30-Day Window to Redeem Wrapped Assets on Terra Classic Opens

• Terraform Labs has announced the opening of a new Shuttle Bridge interface.
• The Chapter 11 plan of Terra has been “estimated to be on or around 30 October 2024.”
• LUNC and USTC tokens crashed massively despite the optimistic announcement.

Terraform Labs, the company behind the Terra ecosystem and the infamous $40 billion collapse of UST and LUNA, has unveiled a new Shuttle Bridge interface. This bridge will enable community members to redeem their wrapped assets. It will remain open for 30 days once the company’s Chapter 11 plan takes effect.

According to an X (formerly Twitter) post , Terraform Labs’ Chapter 11 bankruptcy plan is estimated to start “on or around October 30, 2024,” if the plan is approved by the courts on September 30. However, there is a possibility that the plans might change.

Reopening the bridge allows users to send LUNC USTC bridged to Ethereum mainnet, BNB Chain (BSC), and Harmony network back to Terra Classic.

Terraform Labs advised investors to “redeem your assets as soon as possible to avoid any issues” and confirmed that once the bridge closes, “any user assets still in the contracts will be burned, and the bridge will be permanently shut down.” Users can access the Shuttle Bridge interface on “ classic-bridge.terra.money .”

According to the data from CoinMarketCap, LUNC token dropped 2.59% in the past 24 hours and is trading at $0.00008269 with a market capitalization of $472.8 million. Further, the trading volume of the altcoin surged 8.42% and stands at $22 million. The token started the day at $0.00008492 and reached a daily high of $0.00008607 and then dropped to a low of $0.00008019. 

Meanwhile, the USTC token is down 5.48% in the past 24 hours, trading at $0.01682. The cryptocurrency started the day at $0.01783, reached a daily high of $0.01787, and then fell to a daily low of $0.01626. After losing its peg in 2022, the stablecoin has been unable to regain the $1 price level.