Terraport Officially Relaunched on Terra Classic (LUNC) Network: Details

Terraport, the Terra Classic-based decentralized finance (DeFI) platform, is now officially back online after a hack that has caused confusion in the LUNC community.

The new development is coming three months after the TerraCvita-owned DeFi platform was hacked, resulting in the theft of users’ billions of LUNC tokens.

The system relaunch was announced on Twitter by Terraport on the 7th of July. According to the report, the relaunch of the DeFi platform starts with reopening the staking and vesting functionality.

As stated on Terraport’s official website, users can now vest and stake TERRA, the native token of Terraport Finance. A message in the TerraCvita telegram group also urges users to take full advantage of the opportunity to claim and stake their TERRA tokens.

Data from the staking session also reveals up to 6 staking plans for users with an annual percentage rate (APR) ranging between 16% and 100%.

APR increase depends on the number of tokens locked up by users. If users lock up their tokens for a period of 14 days, they get an APR of 16% in return. While a lock-up for 720 days brings about an APR of 100%.

The team behind the DeFi platform relaunch also disclosed that the mobile version of the protocol is yet to be released. For this reason, users are urged to stake their tokens and claim their APR via the desktop version.

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Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.