WLUNC rises 28% as Terra Classic reopens Shuttle Bridge, enabling asset transfers and increasing platform liquidity.
Wrapped LUNA Classic (WLUNC) has experienced a 28% increase in price following the reopening of Terra Classic’s Shuttle Bridge.
This bridge allows users to transfer their LUNC and USTC assets that were bridged from other networks like Ethereum mainnet, BNB Chain (BSC), and Harmony back to Terra Classic.
WLUNC Rises 28% as Terra Reopens Shuttle Bridge
Recently, Terra Classic users received an update with the reopening of the Shuttle Bridge, which facilitates the transfer of wrapped assets back to the network.
This news triggered a 29.99% surge in the price of Wrapped LUNA Classic, bringing it to $0.00008246, and the WLUNC market cap also saw a 28.94% increase.
At the same time, WLUNC trading volume soared by 237.75% to $173,906.22, reflecting a significant rise in trading activity and investor interest.
This bullish movement for WLUNC highlights the market’s positive response to asset management and enhancements in redemption capabilities.
Additionally, the bridge’s reopening boosts WLUNC’s liquidity and ensures users maintain control over their digital assets.
However, the price reaction for LUNC was relatively subdued, with only a 0.65% increase at the time of writing.
Meanwhile, the token did surpass the $0.00008406 intraday resistance level, which suggests a potential upward trend.
Shuttle Bridge Open for 30-Day Asset Redemption
The bridge will remain active for 30 days following the expected effective date of Terraform Lab’s Chapter 11 plan, anticipated around October 30, 2024.
This date is based on a projected implementation date of September 30, 2024, which may change.
After this 30-day period, any assets still within the bridge’s contracts will be burned, so Terra Shuttle Bridge users are advised to redeem their assets before the deadline.
This redemption period aligns with Terra blockchain’s ongoing engagement with the SEC following a settlement that has resulted in structural changes.
These operational updates and the asset redemption window are part of efforts to comply with regulatory requirements.
In addition to these updates, Terra Classic has introduced Proposal 4818, a governance initiative that signifies a shift in the platform’s management.
The proposal seeks to upgrade Terra’s mainnet to version 2.12.4 and establishes a 5% minimum commission rate for validators, which aims to provide a stable and fair revenue model.
However, the proposal has received strong community support, with 98.55% voting in favor.
This high level of endorsement reflects the community’s confidence in the platform’s future direction and governance as it transitions to community-led initiatives.
