Terraport: Rebuilding Stronger Than Ever After Billion LUNC Loss

Bombolo | News and Media

Terraport, the DeFi platform built on Terra Classic-based cryptocurrency LUNC, has successfully relaunched after a devastating attack that resulted in the loss of billions of LUNC in user funds. The relaunch of Terraport by TerraCVita, the development group behind Terra Classic, marks a significant step towards rebuilding trust in the protocol.

Also Read: The Future of Luna Classic (LUNC) and Its Potential to Reach $1 Again

Reopening Staking and Vesting Functionalities

The announcement of Terraport's relaunch was made through the platform's official Twitter account. The relaunch begins with the reopening of staking and vesting functionalities, enabling users to actively participate in the protocol once again. Users can now vest and stake TERRA, the native token of the Terraport protocol, as evidenced by the official platform.

Staking Plans and APR

Terraport offers users various staking plans, each associated with a different annual percentage rate (APR). Currently, users can choose from six staking plans, with APRs ranging from 16% to 100%. The longer users lock up their tokens, the higher APR they receive. For example, a lockup period of 14 days comes with an APR of 16%, while a lockup period of 720 days offers an APR of 100%. Impressively, over 36.16 million TERRA tokens have already been staked by users.

Mobile Version Pending Release

While the relaunch of Terraport is an exciting development, the mobile version of the protocol is still awaiting release. In light of this, the Terraport team advises users to claim and stake their tokens using the desktop version, which is currently accessible.

Also Read: From $100 to $1.12 Million: Unlocking the Millionaire Potential of #TerraClassic (#LUNC) Token Burns

Updated Roadmap for Terraport

Five days prior to the relaunch, the Terraport team unveiled their updated roadmap, outlining their plans to navigate the post-hack conditions. The roadmap includes several key milestones, starting with the reopening of staking and vesting in July, which has already been accomplished.

In July, the team also aims to introduce a governance forum, providing users with a voice in decision-making processes. Furthermore, the launch of Terraport v2 is scheduled for August, pending completion of the code audit by CertiK. However, concerns have been raised as the audit has reached only 85% completion at present.

The roadmap also outlines the reopening of the swap section and the initiation of a plan to refund liquidity providers in August. Additionally, August will see the introduction of a dedicated section for developers. Finally, September is marked for the release of governance features and the launchpad.

Also Read: The Countdown Begins: LUNC/USTC Swap Pair Soon to Revolutionize Terra Classic

Post-Hack Conditions and Recovery Efforts

Terraport fell victim to an attack on April 10, a mere two weeks after its initial launch. During the attack, the protocol's liquidity was drained, resulting in the loss of billions of LUNC and millions of USTC from users' funds.

In response to the hack, community members, including reXx, took proactive measures to freeze and recover the stolen funds. The Terraport team also collaborated with independent entities and exchanges to freeze the compromised assets. While some assets were successfully frozen by exchanges like MEXC, a significant portion remained unfrozen. Eventually, the attackers transferred some of the funds to Tornado Cash. As a result, reXx accused the Terraport team of negligence, asserting that they failed to adequately monitor the funds.

The relaunch of Terraport, the Terra Classic-based DeFi platform, signals a fresh start after a challenging period. With the reopening of staking and vesting functionalities, users can once again engage with the protocol and participate in earning rewards. The team's updated roadmap outlines a clear path forward, with upcoming milestones that aim to further enhance Terraport's capabilities and security measures. While challenges lie ahead, the relaunch demonstrates the resilience of the Terraport community and their commitment to rebuilding a stronger and more secure platform.

Also Read: Is Terra Luna Classic (LUNC) Coin a Promising Investment Opportunity as it Surpasses $500 Million Market Cap?

FAQs

1. How can I stake and vest TERRA tokens on Terraport?

To stake and vest TERRA tokens on Terraport, visit the official platform using the desktop version and follow the provided instructions.

2. What are the staking plans available on Terraport?

Terraport offers six staking plans with varying annual percentage rates (APRs) ranging from 16% to 100%. The APR increases with longer lockup periods.

3. When will the mobile version of Terraport be released?

The mobile version of Terraport is currently pending release. Users are advised to utilize the desktop version for claiming and staking their tokens in the meantime.

4. What milestones are included in Terraport's updated roadmap?

Terraport's updated roadmap includes milestones such as the reopening of staking and vesting, the introduction of a governance forum, the launch of Terraport v2, and the release of governance and launchpad features.

5. How was Terraport affected by the post-hack conditions?

Terraport suffered a significant loss of user funds, including billions of LUNC and millions of USTC, during the attack. Efforts were made to freeze and recover the stolen funds, although some remained unfrozen.