Wrapped LUNA Classic (WLUNC) has experienced a significant price surge of 28% following the reopening of Terra Classic’s Shuttle Bridge. This development enables users to transfer their LUNC and USTC assets back to the Terra Classic network from other chains like Ethereum, BNB Chain, and Harmony.
The reopening of the Shuttle Bridge has not only boosted WLUNC’s price but has also led to a substantial increase in its trading volume, indicating heightened investor interest. This positive market reaction highlights the importance of the bridge in facilitating asset management and redemption for Terra Classic users.
Impact on LUNC Price
While the reopening of the Shuttle Bridge has had a significant impact on WLUNC, the immediate effect on LUNC’s price has been more muted. LUNC has experienced a slight 0.65% surge, but it has managed to break above the $0.00008406 intraday resistance level, suggesting potential for further upside.
Shuttle Bridge Closure and Terra Classic’s Future
The Shuttle Bridge will remain operational for a 30-day period following the anticipated effective date of Terraform Lab’s Chapter 11 plan. Any assets remaining in the bridge’s contracts after this window will be burned.
During this time, Terra Classic will also be navigating its engagement with the SEC following a settlement that has led to structural changes. The operational updates and asset redemption window are part of a broader strategy to ensure compliance with regulatory frameworks.
Also Read: LUNA and LUNC Price Surge Imminent? Terra’s Token Burn Proposal Gains Momentum
Governance Proposal and Community Support
Terra Classic has also introduced Proposal 4818, which aims to upgrade the platform’s mainnet to version 2.12.4 and implement a 5% minimum commission rate for validators. The proposal has received overwhelming support from the community, demonstrating their confidence in the platform’s direction and governance.
The reopening of the Shuttle Bridge has had a positive impact on WLUNC’s price and trading activity. While LUNC’s price has experienced a more moderate increase, the overall development is a positive sign for the Terra Classic ecosystem. As Terra Classic navigates its regulatory landscape and implements community-led initiatives, the future outlook for the platform remains promising.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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