TFL reveals the date for Shuttle bridge operations to end and urges users to bridge assets back to Terra Classic.
Terraform Labs, via the Terra Classic (@terrac_money) Twitter handle, announced it would sunset Shuttle Bridge operations on Jan. 31st.
“The Terra Classic Shuttle bridge will sunset on Jan. 31st, 2023, 0000 hrs (UTC),” TFL wrote, urging users to bridge back to the Terra Classic network using the Portal Bridge, AKA Wormhole, before the deadline. Failure of users to bridge back will result in a loss of funds.
1/ The Terra Classic Shuttle bridge will sunset on Jan. 31st, 2023, 0000 hrs (UTC).
Users are strongly advised to bridge assets back to Terra using https://t.co/z7KnH1iaQs before Jan. 31st to ensure funds are not lost.
— Terra Classic (@terrac_money) December 21, 2022
Notably, TFL plans to shut down the Wormhole as well. Per the thread yesterday, it has set a sunset date of May 30th, 2023.
For context, the Shuttle bridge at the peak of the Terra network allowed the transfer of Terra assets to Ethereum, Binance Smart Chain (BSC), and Harmony in exchange for wrapped tokens.
TFL first revealed plans to sunset the bridge at the end of August. At the time, it first disabled Shuttle bridge transfers from the classic network, citing high transaction fees.
As previously reported by The Crypto Basic, Binance halted deposits and withdrawals of these wrapped tokens in September on the back of the TFL decision.
It is worth noting that the bridge’s closing does not affect Terra Station or the funds held there.
In the aftermath of the Terra ecosystem collapse in May, TFL has continued to divert resources and attention to Terra 2.0, leaving the management of the classic chain to the community while providing infrastructure support and guidance where necessary.
Notably, per TFL’s plan to transition Terra Station to a Cosmos ecosystem wallet, the classic chain nearly lost Station support. While TFL has found a workaround, Terra Rebels, a Terra Classic development group, have opted to produce a TFL-independent alternative. To this end, the group has received 937.5 million LUNC funding from the community pool.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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