Bitrabo Editorial
Terraform Labs (TFL) has set a crucial deadline for users of its Terra Classic platform following the collapse of its UST stablecoin and LUNA cryptocurrency last year. With the company facing bankruptcy and undergoing transition plans, users are urged to take action before the impending deadline.
Key Date for Terra Classic Users
On August 28, Terraform Labs reopened the Shuttle Bridge interface for users holding wrapped assets like LUNC (Luna Classic) and USTC (TerraUSD Classic). This interface allows the transfer of assets between blockchains such as Ethereum, BNB Chain (BSC), and Harmony.
Users have until October 30, 2024, to redeem their assets through the Shuttle Bridge before they are permanently closed. Failure to do so will result in the burning of remaining assets in the contracts, making this a time-sensitive opportunity for Terra Classic users.
Recently, the company announced Proposal 4818 as the final blockchain upgrade before transitioning to community-led efforts for the platform’s maintenance and development. Terraform Labs is shifting its focus towards legal and financial restructuring, signaling a new era for the blockchain ecosystem.
As Terraform Labs prepares to wind down its operations, Proposal 4818 will mark the company’s last upgrade, emphasizing the community’s role in sustaining and advancing the blockchain infrastructure. Moving forward, initiatives like the Phoenix Directive will take over maintenance responsibilities for the platform.
Currently, LUNC is trading at $0.00008526 as Terraform Labs navigates through its restructuring phase and guides users through the necessary steps before the looming deadline.