TFL Schedules Terra Classic Shuttle Bridge Sunset Date

Terra Classic Regains Market Cap; Up 16% Over the Last Day

TFL announces the deadline for the termination of Shuttle bridge operations and implores users to bridge resources back to Terra Classic.

Through the Terra Classic (@terrac money) Twitter account, Terraform Labs announced that Shuttle Bridge operations would end on January 31.

TFL advised users to reconnect to the Terra Classic network using the Portal Bridge, also known as the Wormhole, before the Terra Classic Shuttle bridge sunsets on January 31, 2023, at 0000 UTC. 

Users that fail to bridge back will incur a financial loss.

Notably, TFL also intends to close the Wormhole, and it has a sunset date of May 30, 2023, as per the thread from yesterday.

For reference, Terra assets could be transferred to Ethereum, Binance Smart Chain (BSC), and Harmony in return for wrapped tokens using the Shuttle bridge at the center of the Terra network.

Plans to close the bridge were initially made public by TFL at the end of August. 

It first disabled Shuttle bridge connections from the traditional network, claiming high transaction costs.

As previously mentioned, the TFL ruling caused Binance to prohibit deposits and withdrawals of these wrapped tokens in September.

It should be noted that Terra Station and the cash kept there are unaffected by the bridge’s closure.

Following the collapse of the Terra ecosystem in May, TFL has continued to focus on Terra 2.0, leaving the community in charge of managing the old chain while offering support and direction as needed for the infrastructure.

Furthermore, the traditional chain almost lost Station support due to TFL’s proposal to convert Terra Station to a Cosmos ecosystem wallet. 

Terra Rebels, a Terra Classic development team, decided to create a TFL-independent alternative, although TFL has discovered a workaround.

To achieve this, the organization has been granted 937.5 million LUNC funding by the neighborhood pool.

Read Also:

Share this :