Breaking: Terraport Relaunches on Terra Classic (LUNC) Following Hack

Breaking: Terraport Relaunches on Terra Classic (LUNC) Following Hack

Time Stamp: July 7, 2023 12:07 PM
Breaking: Terraport Relaunches on Terra Classic (LUNC) Following Hack PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Terraport, the Terra Classic-based DeFi platform, has successfully relaunched three months after the attack that led to the loss of billions of LUNC.

TerraCVita, the Terra Classic (LUNC) development group, has relaunched its DeFi platform Terraport. The relaunch comes three months after the attack that resulted in the loss of billions of LUNC in user funds. 

The relaunch was announced today by the Terraport team through their official Twitter handle. Notably, the relaunch of the protocol starts with reopening the staking and vesting functionalities, per the announcement.

A look at the official platform shows that users can now vest and stake TERRA, the native token of the Terraport protocol. In a message within the TerraCVita Telegram group, the team urged users to leverage the opportunity to claim and stake their TERRA tokens.

Data from the staking section shows up to six staking plans for users, with an annual percentage rate (APR) ranging from 16% to 100%. 

Notably, the more time users lock up their tokens, the more APR they get. A lockup period of 14 days comes with an APR of 16%, while a lockup period of 720 days has an APR of 100%. As of press time, users have staked over 36.16 million TERRA tokens.

At relaunch, the team disclosed that the mobile version of the protocol is “pending release.” Consequently, they advised users to claim and stake their tokens using the desktop version, which is currently open.

Terraport Updated Roadmap

The relaunch comes five days after the Terraport team released their updated roadmap as they seek to navigate post-hack conditions. The roadmap begins with the reopening of staking and vesting in July, which recently occurred.

Following this, the roadmap also mentions introducing a governance forum in July. Terraport v2 is expected to come up in August when CertiK completes the code audit. Notably, the CertiK audit is still stuck at 85%, raising concerns.

The roadmap also notes that the team will reopen the swap section and start the plan to refund liquidity providers in August. The section for developers will also come up in August. The team then plans to release governance and the launchpad in September.

Post-Hack Conditions

Recall that Terraport suffered an attack on April 10, less than two weeks after it launched. The attackers drained the protocol’s liquidity, leading to the loss of billions of LUNC and millions of USTC in users’ funds.

Following the hack, community members such as reXx championed initiatives to freeze and recover the funds. The Terraport team also liaised with independent entities and exchanges to freeze the assets. 

While MEXC and other exchanges successfully froze some of the stolen assets, most funds remained unfrozen. The attackers eventually tunneled some of these funds to Tornado Cash. Consequently, reXx accused the Terraport team of neglect, claiming they failed to monitor the funds.

Meanwhile, TerraCVita disclosed shortly after the hack that they plan to relaunch Terraport. According to them, the relaunch will come with the completion of the CertiK audit, which began after the attack. Individuals like reXx have argued that the team does not deserve a second chance due to their alleged negligence.

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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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