As a seasoned researcher with years of experience in the crypto market, I find myself constantly amazed by the dynamic nature of this ever-evolving space. The recent 28% surge in Wrapped LUNA Classic (WLUNC) price following the reopening of Terra Classic’s Shuttle Bridge is a testament to the power of updates that facilitate asset management and redemption.
After the reactivation of Terra Classic’s Shuttle Bridge, wrapped LUNA Classic (WLUNC) has experienced a 28% price increase. The reopening of this bridge allows users to move their LUNC and USTC assets, initially bridged from networks like Ethereum mainnet, BNB Chain (Binance Smart Chain), 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.
At the same time, the trading volume of WLUNC saw a significant surge by 237.75%, reaching $173,906.22. This suggests an increase in trading activity and investor attention. The strong upward trend in WLUNC reflects the market’s favorable response to updates aimed at improving asset management and redemption processes.
Furthermore, the reopening of the bridge increases WLUNC’s accessibility to funds (liquidity) and allows users to maintain ownership of their digital currencies.
Nevertheless, the price of LUNC experienced only a slight increase of 0.65% as of this moment. Despite this, it managed to break through the daily resistance level of $0.00008406, which could suggest an upcoming upward trend.
Shuttle Bridge Reopens For 30-Day Asset Redemption
After the estimated activation date of Terraform Lab’s Chapter 11 plan, scheduled approximately on October 30, 2024, the bridge will continue to function for a period of 30 days. However, this timeline is subject to change depending on when the implementation process starts, which is currently set for September 30, 2024, but could be adjusted.
After this window is closed, any assets that remain in the bridge’s contracts will be destroyed. Therefore, it’s strongly recommended for users of the Terra Shuttle Bridge to withdraw their assets prior to the specified deadline to avoid losing them.
Additionally, during this timeframe, Terra’s blockchain has been actively interacting with the SEC after reaching a settlement, which resulted in significant internal restructuring. These operational adjustments and the window for asset redemption form part of an approach aimed at adhering to regulatory guidelines.
In the midst of these changes, Terra Classic has introduced Proposal 4818 – a governance plan that signifies a shift in the platform’s management structure. This proposal seeks to advance Terra’s mainnet to version 2.12.4 and enforces a minimum commission rate of 5% for validators. This is aimed at maintaining a stable and equitable revenue system.
The proposition has earned an extraordinary amount of backing from the public, with a staggering 98.55% of votes casting their support. This approval signifies faith in the platform’s future course and administration, as it readies itself to transition control to community-driven ventures.
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2024-08-28 15:14