Terraform Labs (TFL), the company behind the once-prominent Terra ecosystem, has issued a final alert to its Terra Classic users. In the wake of last year’s historic collapse of its algorithmic stablecoin UST and its sister token LUNA, TFL is now winding down its operations.
As part of this closure, the company has reopened its Shuttle Bridge interface, allowing users to redeem their wrapped LUNC and USTC assets until October 30, 2024. This is the last chance for users to retrieve their assets before they are permanently burned.
A Crucial Deadline
TFL’s announcement underscores the urgency of this situation. After the bridge closes, all remaining crypto assets in the contracts will be destroyed. Users who fail to redeem their assets before the deadline will lose them entirely.
“This is a limited-time opportunity for users to redeem their wrapped assets before the company progresses further in its bankruptcy resolution,” TFL stated in its announcement.
Proposal 4818: The Final Upgrade
In addition to the bridge reopening, TFL has also unveiled its final upgrade to the Terra Classic blockchain, known as Proposal 4818. This upgrade is part of the company’s broader strategy to conclude its direct involvement in active development within the ecosystem.
“Going forward, we look to community-driven initiatives such as the Phoenix Directive to take over maintenance and operational responsibilities for the blockchain,” TFL wrote.
TFL’s announcement marks a significant transition for the Terra Classic community. As the company winds down its operations, the future of the blockchain will be determined by community-led initiatives. It remains to be seen how these initiatives will shape the future of Terra Classic and whether the ecosystem can recover from its devastating collapse.
Also Read: Terra Classic’s WLUNC Shoots Up 28%: Shuttle Bridge Reopening Fuels Massive Rally
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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