Wrapped LUNA Classic Sees 28% Surge After Terra Classic Reopens Shuttle Bridge

Wrapped LUNA Classic Sees 28% Surge After Terra Classic Reopens Shuttle Bridge

In a significant development for Terra Classic, the platform’s Shuttle Bridge has been reopened, sparking a notable 28% increase in the price of Wrapped LUNA Classic (WLUNC). This surge follows the bridge’s reactivation, which now allows users to transfer LUNC and USTC assets that were previously bridged from networks like Ethereum, BNB Chain (BSC), and Harmony back to the Terra Classic network.

As of the latest update, Wrapped LUNA Classic has experienced a substantial price increase of 29.99%, bringing it to $0.00008246. This price rally is accompanied by a 28.94% rise in the market capitalization of WLUNC. Additionally, trading volume for the token skyrocketed by 237.75% to $173,906.22, highlighting a surge in market activity and investor interest. The bullish trend reflects the market’s positive response to the Shuttle Bridge reopening, which facilitates improved asset management and redemption processes.

The reopening of the Shuttle Bridge is a key factor in enhancing the liquidity of WLUNC, providing users with greater control over their crypto assets. However, LUNA Classic (LUNC) itself saw a more modest price increase of 0.65%, although it did break the intraday resistance level of $0.00008406, suggesting the potential for further gains.

The Shuttle Bridge will remain open for a 30-day redemption period, starting from the anticipated effective date of Terraform Labs’ Chapter 11 plan around October 30, 2024. Following this period, any assets that remain within the bridge’s contracts will be permanently burned, urging users to act promptly to redeem their holdings.

This operational update coincides with Terra Classic’s ongoing engagement with the SEC, following a settlement that led to crucial structural changes. The reopening of the bridge and the redemption window are part of a broader strategy to ensure compliance with regulatory standards.

In addition, Terra Classic has introduced Proposal 4818, a governance initiative aimed at upgrading the platform’s mainnet to version 2.12.4. The proposal also introduces a mandatory 5% minimum commission rate for validators, ensuring a fair and consistent revenue model. The community has shown overwhelming support for the proposal, with 98.55% voting in favor, signaling strong confidence in the platform’s future direction as it transitions to community-led management.