The move extends the deadline for holders of wrapped assets to bridge back to the classic chain.
Terraform Labs, using the @terrac_money Twitter handle, has announced that it is postponing the Terra Classic Shuttle Bridge’s closing until June 30.
The team made this known in a tweet yesterday, asserting that it intended to give holders of wrapped Terra Luna Classic (WLUNC) more time to bridge their assets back to the classic chain. It has promised to reveal more details in the coming weeks.
Consequently, WLUNC holders now have till then to bridge back using the Portal Bridge, AKA Wormhole. Again, failure to bridge back will result in a loss of funds.
“The sunsetting of the Terra Classic Shuttle Bridge will be postponed to June 30th, 2023, at 23:59 hrs (UTC) to provide users with more time to bridge funds back to Terra Classic using classic-bridge.terra.money,” TFL wrote in the tweet. “More details to come in the next few weeks.”
The sunsetting of the Terra Classic Shuttle Bridge will be postponed to June 30th, 2023, at 23:59 hrs (UTC) to provide users with more time to bridge funds back to Terra Classic using https://t.co/z7KnH1iaQs.
More details to come in the next few weeks
— Terra Classic (@terrac_money) February 13, 2023
As reported by The Crypto Basic last December, TFL initially set the sunset date for Jan. 31, with plans to close the Wormhole by May 30. However, Jan. 31 passed with no update from the team till now.
For context, the Shuttle Bridge served as a multi-chain bridge connecting the Terra network as it was known then to chains like Ethereum, Binance Smart Chain, and Harmony. Consequently, while the Terra Classic network flourished, users could exchange their tokens for wrapped versions usable on these networks.
Following the ecosystem collapse in May, TFL in August revealed plans to shut down the bridge, citing unsustainable high transaction fees. Notably, it has already blocked Shuttle Bridge transfers from the Terra Classic chain.
As emphasized in previous reports, shutting down the Shuttle Bridge will not impact LUNC staked on Terra Station.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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