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News Terra Shuttle Bridge Reopens: Act Fast to Redeem Your Assets on August 28! 4 mins ago - Around 2 mins mins to read

Key Points:

Terra’s Shuttle Bridge is now open for redeeming wrapped assets like LUNC and USTC, allowing transfers back to Terra Classic.

The bridge will close 30 days after Terraform Lab’s Chapter 11 bankruptcy plan’s effective date, expected around October 30, 2024.

Terra Shuttle Bridge reopens, and the interface can now enable the redemption of wrapped assets.

Terra Shuttle Bridge Reopens for Asset Transfers

Terra Shuttle Bridge reopening paves the way for transferring the assets from a number of other networks back to Terra Classic. More precisely, the reopening will pave the way to transfer the LUNC and USTC assets previously bridged to Ethereum’s mainnet, BNB Chain, and Harmony network back to Terra Classic.

Terraform Lab‘s Chapter 11 bankruptcy plan will have an effective date when the Shuttle Bridge will remain open for a further continuous period of 30 days. Based on the projected date of September 30, 2024, the effective date will be about October 30, 2024, although that could be changed. The Terra Shuttle Bridge reopening period is, in effect, a critical window during which users will be able to redeem their assets before the bridge is permanently closed.

Read more: Polygon & Terra Classic: Whale Activity & USTC Peg Restoration

Significant Chance for Terra Classic Users

Terra is encouraging the users to take immediate action to ensure that they can claim their assets as soon as possible. Any asset that remains in the contract once the bridge closes will be destroyed forever, as the bridge will be completely shut down. This move means taking swift action and ensuring that a person doesn’t lose a valuable asset, which is essential.

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Author Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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Terra Shuttle Bridge Reopens: Act Fast to Redeem Your Assets on August 28!