Terra Shuttle Bridge Has Now Been Disabled

Key Points:

• Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have been burned in finalizing the shutdown.
• The platform plans to transfer all assets from the Shuttle Bridge wallet to a new wallet.

Terra announced the permanent shutdown of Terra Shuttle Bridge, a mega transition of the blockchain operator.

Read more: Terraform Labs Bankruptcy Plan Approved by Court

Terra Shuttle Bridge Is Now Permanently Closed

Confirming the move in a statement on X, the platform said it has burnt all the remaining tokens in the Terra Shuttle Bridge wallets to complete the shutdown. The move involved incinerating LUNC and USTC tokens that would otherwise have been recoverable via the bridge.

The Terra Shuttle Bridge had been an integral infrastructural part, helping them make the transfer of assets from and to Terra and to the blockchain networks such as Ethereum, BNB Chain, and Harmony. Post-closure, Terra will proceed with transferring all assets that are in the Shuttle Bridge wallet to a new wallet and will provide a simplified interface to smoothen the redemption process for the users.

Terra Classic Price Recovers Following Major Announcement

After a brief period of reopening, the Terra Shuttle Bridge has been closed in order to help burn the remaining wrapped tokens. This reopening was part of Terraform Labs’ Chapter 11 bankruptcy process. This was after the platform crashed in May 2022. As part of a settlement agreement with the U.S. Securities and Exchange Commission, Terraform Labs was to eliminate the remaining tokens.

Terra Classic (LUNC) is the original native cryptocurrency of the Terra blockchain, which was previously known as Terra until a rebranding in May 2022. LUNC is designed for use in governance and staking on the platform. Immediately following the announcement of the bridge’s closure, the price action of LUNC seemed to be recovering-a reflection of investor sentiment surrounding continuous change within the platform.