Hi everyone,
Here’s the next progress report on Prop 12226 “Reroute LUNC/USDC Position To Injective USDC”. After pass 2 withdrew the multisig’s last LP from the old pools, the leftover buffer of 3,021.27 USDC.n has now been roundtripped to Injective USDC along the same route as before. This time there was no withdrawal; the USDC.n was already in the multisig.
The USDC side of the migration is complete. All USDC that the initiative holds is now Injective USDC, and the multisig holds no USDC.n any more. Every step can be verified on chain with the links below.
In the second part of this post, we look at the USDC.n that is still on Terra Classic outside the initiative: who holds it, and why those holders, projects and individuals alike, should now look at their own position.
TL;DR
- 3,021.268045 USDC.n went Terra Classic → Noble → Ethereum (Circle CCTP) → Injective (Circle CCTP) → Terra Classic.
- 3,021.267595 Injective USDC arrived back at the multisig. The only loss on the USDC side was 0.00045 USDC (a Skip fee), plus gas.
- The whole flow took about 19 minutes, from the DAO proposal’s execution to the funds arriving back.
- The initiative’s USDC.n position is fully converted: across the rehearsal and all migration roundtrips, 63,171.194973 USDC.n was bridged and 63,171.192781 Injective USDC came back, for a total of 0.002192 USDC in fees.
- The third new pool, on Terraswap, is live (A65), seeded with 19,800 Injective USDC + 401,940,000 LUNC.
- About 47,429 USDC.n is still on Terra Classic, almost all of it in third-party DEX pools and wallets. See “The USDC.n still on Terra Classic” below.
Since the last update
- A65 created the LUNC/USDC (Injective) pair on Terraswap and seeded it in the same step with 19,800 Injective USDC + 401,940,000 LUNC (about 20,300 LUNC/USDC). It passed 7 yes / 0 no / 0 abstain and was executed on 2026-10-14 (351DE5B2…C804). The multisig received 2,821,065.76 LP.
- A67 (in voting until 2026-10-19) adds the new Terraswap LP token to the multisig’s DAO DAO treasury list so it shows up there, as A61 did for the other LP tokens.
All three new LUNC/USDC (Injective) pools are now live:
| DEX | Pair | LP token |
|---|---|---|
| Terraport | terra1lcfmpgcekphsdlealq5r8tffx47mzkrt0kq2k2lh9nqmjmmashasdymd77 |
terra1552yjugdp2q32qp0gczqkrl5usyu6p4xljwy8gfnx0gglg386dfqh7zzvd |
| Garuda | terra1n5zqejrguru8zv0evme34neajjxh9gz3877quyyj8ashfnuk43zs8uf25d |
terra1je55s6rg8wwv5f5r8g4s9l8u7scdncejawhunqvlg0hm9tg24dnqad93jr |
| Terraswap | terra1nv63kg283tg9qdslg8yusfpwdglwy4vhgup0l0shyk6yqkqxyjtswa9fj7 |
terra1x2exuqt3sth3fk5w7sgms4tp757jhyx0juvtuqa3eev9e72n89lqttxd3l |
Who holds the funds
As before, the funds are held by the DAO DAO multisig “Terra Classic Liquidity Initiative 12171”:
terra132qeqedz0yztuztj0rjav4rzlkashpsdxsmh64jpgp2ul0wdlkzquzvln6
Every on-chain action from the multisig goes through a DAO proposal that needs 7 of 10 signers. The multisig can’t hold funds on Ethereum or Injective, so for those legs the USDC passed through the same intermediary wallet as in the previous roundtrips. The funds were outside the multisig for about 19 minutes, and every movement is linked below.
Step 1: Bridge to Ethereum (DAO proposal A66)
DAO proposal A66 “Bridge the remaining 3,021.268045 USDC.n to Ethereum (last roundtrip to Injective USDC)” passed 7 yes / 0 no / 0 abstain and was executed on 2026-10-14.
Unlike the earlier passes, this proposal had no withdrawal, so the amount was known in advance. It sent the exact balance of 3,021.268045 USDC.n, leaving no buffer behind.
| When (UTC) | Chain | What happened | Tx |
|---|---|---|---|
| 10-14 10:51:28 | Terra Classic | A66 executed: multisig sends 3,021.268045 USDC.n to Noble | 62987D14…DB14 |
| 10-14 10:51:46 | Noble | USDC received and burned through CCTP for Ethereum | 49395A4B…ED1B |
| 10-14 10:52:11 | Ethereum | 3,021.268045 USDC minted to the intermediary wallet on Ethereum | 0x1b11c111…38da |
No bridge fee was charged. As before, a public relayer minted on Ethereum, this time 43 seconds after the proposal was executed.
Step 2: Ethereum → Injective → Terra Classic (via Skip)
From Ethereum we used Skip again to bring the USDC back to the multisig as Injective USDC, with the multisig address as the final receiver.
| When (UTC) | Chain | What happened | Tx |
|---|---|---|---|
| 10-14 10:55:11 | Ethereum | 3,021.268045 USDC sent into the route. Skip took a 0.00045 USDC fee, and 3,021.267595 USDC was burned through CCTP for Injective | 0x1bf3ca14…786a |
| 10-14 11:09:19 | Injective | Circle attested (after about 14 min of Ethereum finality) and 3,021.267595 USDC was minted to the intermediary wallet on Injective | FE50F6D2…0635 |
| 10-14 11:10:20 | Injective | 3,021.267595 USDC sent over IBC to the multisig on Terra Classic | 8D9EDE48…BD0A |
| 10-14 11:10:46 | Terra Classic | 3,021.267595 Injective USDC arrived at the multisig | DB15EA4F…B3B4 |
On Terra Classic, the Injective USDC has the denom:
ibc/F52112392095A6D6D1B17EF1FE19BE0B39B2A79B8A2B2F55CD721FC7DBF5081F
(IBC path: transfer/channel-143/erc20:0xa00C59fF5a080D2b954d0c75e46E22a0c371235a)
Costs
| Item | Amount |
|---|---|
| Skip fee | 0.00045 USDC |
| Gas: Terra Classic, Ethereum, Injective | ~24.24 LUNC, ~0.00032 ETH, 0.00035 INJ |
| USDC lost in bridging | 0.00045 USDC out of 3,021.27 (about 0.00001%) |
The Skip fee was again about the same as in every earlier roundtrip (0.00045, 0.000439, 0.000425 and 0.000428 USDC), so it doesn’t scale with the amount.
The initiative’s USDC.n is fully converted
With this roundtrip, every USDC.n the initiative held has been converted into Injective USDC. The multisig holds no USDC.n and no LP in the old LUNC/USDC.n pools. Its whole USDC position is now Injective USDC, either in the three new pools or held liquid for topping them up. The only thing left is 0.03 USDC of dust from an older, unused Noble channel (channel-109), which was never part of the pools.
| Roundtrip | DAO proposal(s) | USDC.n bridged | Injective USDC received | Fee |
|---|---|---|---|---|
| Rehearsal | A55, A56 | 149.926928 | 149.926478 | 0.000450 |
| Pass 1, tranche 1 (Terraport 50%) | A58 | 9,500.000000 | 9,499.999561 | 0.000439 |
| Pass 1, tranche 2 (Terraswap + Garuda 50%) | A62 | 20,000.000000 | 19,999.999575 | 0.000425 |
| Pass 2 (all remaining LP) | A64 | 30,500.000000 | 30,499.999572 | 0.000428 |
| Final roundtrip (leftover buffer) | A66 | 3,021.268045 | 3,021.267595 | 0.000450 |
| Total | 63,171.194973 | 63,171.192781 | 0.002192 |
Over the whole migration, 0.002192 USDC was lost to bridge fees out of more than 63,000 USDC. The only larger cost was the Terra Classic 1.5% tax on the LUNC withdrawn from the old pools (18.18M LUNC in passes 1 and 2), which is a chain-level tax and doesn’t touch the USDC side.
Multisig balances now
| Asset | Amount |
|---|---|
| Injective USDC (liquid) | 17,023.236005 |
| USDC.n | 0 |
| LUNC (liquid) | 288,692,962.53 |
| LP tokens | All LP of the three new LUNC/USDC (Injective) pools on Terraport, Garuda and Terraswap |
The new pools currently hold about 12,762 USDC (Terraport), 12,818 USDC (Garuda) and 19,800 USDC (Terraswap). The liquid Injective USDC and LUNC are set aside to bring Terraport and Garuda up to the same ~19,800 USDC level as Terraswap.
Anyone can check these with the multisig address.
The USDC.n still on Terra Classic
The initiative’s migration only covered the initiative’s own funds. There is still about 47,429 USDC.n on Terra Classic that belongs to other projects and individuals.
This is a snapshot from 2026-10-14. The total supply of USDC.n (ibc/0BB9D851…4DC5) on Terra Classic is 47,428.732512, held by 626 addresses:
| Holder type | Count | USDC.n | Share |
|---|---|---|---|
| Luncswap pools | 5 | 39,247.43 | 82.7% |
| Personal wallets | 545 | 4,248.81 | 9.0% |
| Terraport pools | 5 | 1,732.26 | 3.7% |
| Other contracts (DAOs, vaults, escrows, games, …) | 43 | 787.88 | 1.7% |
| Garuda pools | 14 | 780.49 | 1.6% |
| Juris Protocol contracts (lending pool, margin, staking, liquidation) | 4 | 288.65 | 0.6% |
| Community pool (distribution module) | 1 | 239.76 | 0.5% |
| Oracle module | 1 | 78.97 | 0.2% |
| Garuda farms | 6 | 24.29 | 0.1% |
| Terraswap pools | 2 | 0.19 | 0.0% |
The three old initiative pools together still hold about 71 USDC.n (Terraport 69.29, Garuda 1.79, Terraswap 0.02). That is the share of the remaining third-party liquidity providers. The multisig has withdrawn all of its own LP.
Projects and pools
These are the largest USDC.n positions held by DEX pools. If you run one of these projects or provide liquidity to one of these pools, this is about you:
| USDC.n | DEX | Pool | Paired with |
|---|---|---|---|
| 23,430.21 | Luncswap | terra1lk7fsgfs4phnh6npa89q2uweu4yytmg9cpacgpmuvwr8rmc9gz5s5vak60 |
JURIS (Juris Protocol) |
| 8,843.92 | Luncswap | terra1n49uyxf4nxztpyv6exuutsr7tavale4le9reax8k539cd5csjeyq2pyha9 |
LUNC |
| 2,984.75 | Luncswap | terra18vfm9x4gezjp608p5dh7373z53lnvp6p5myrheh2rshhgz67vhsqzxrxva |
QUID |
| 2,651.43 | Luncswap | terra1qynttd0rddh2pcmlqavnvx20sa8nedy3gk2s0mgtrdcdpaggnesslqag7l |
allBTC (from Osmosis) |
| 1,337.12 | Luncswap | terra1gll3xekkgn0kxu2l6gx6gvlv97ddrs42xzksgyls23gmuhclckys7hthr2 |
TERRA (Terraport) |
| 675.13 | Garuda | terra19pqtmnemesg7asvngpky0rxs25k4jdl9ayr9w5tzqmkd9kmndveqsdr95s |
LTK |
| 591.50 | Terraport | terra197g6z3w2vmqhz48gujd6nfnnxm6rn2q5rqkdphkfuj5uxc5ra9lsgx8vng |
sGOLD |
| 556.73 | Terraport | terra18qvzr9wlc7r6uzdxrnru2gz0q3f0yw3dgpqwcjxev99qh78fyuustuqck4 |
sUSD |
| 506.93 | Terraport | terra10ahm3q2zeftde4fmpurwz4te3m0q2nnw5le5pp5ru5w65862whjspk2yd4 |
TERRA (Terraport) |
| 69.29 | Terraport | terra1a29fltd5h5y8se0xanw48wkmqg7nfpmv5jsl472uun0274h8xatqd3yzfh |
LUNC (old initiative pool) |
| 51.67 | Garuda | terra1rsncjc7e88qpkusuq50uvqayyvw2fq2vx0k7egx7f7zp3pe84nysu08p9k |
Saiyan |
| 34.04 | Garuda | terra1aw8sgcxcrn5w8t8yuuawdn9lzpduk3kfjfr39hu3augmwsrdrrjs2q07pk |
USTC |
Other contracts with a notable USDC.n balance include the Juris Protocol lending pool (178.71), its margin accounts (57.59) and staking contract (32.13), an ETF vault (153.72), and several DAO DAO DAOs (52.62, 24.25, 8.00).
The community pool itself holds 239.76 USDC.n. That is outside the initiative’s multisig and can only be moved by an on-chain governance proposal.
Individual holders
545 personal wallets hold 4,248.81 USDC.n. Most hold small amounts: only 9 wallets hold more than 100 USDC.n, and 430 hold less than 1 USDC.n. The largest are:
| # | Address | USDC.n |
|---|---|---|
| 1 | terra173hf40uqulpmg9pr8tqxpltfzfuvmxlz6nx07r |
829.85 |
| 2 | terra12kl9kvgg490rg3uumyxvfqv2jqncn3rstyhd7v |
704.01 |
| 3 | terra1ak9s7ugpaurevr7myydqa6yae7856wf3089neh |
367.68 |
| 4 | terra1c00fgal7ftntug608e27l37n3z2gldp0xfgeuh |
312.58 |
| 5 | terra1rxanpscaf5hgpmhmv04t5gulqyp94rgx4zjr7g |
284.27 |
| 6 | terra1unagzmtk3k3yka6mvrdvrhf3pans93h0mn9n5k |
250.04 |
| 7 | terra14fqhhea2gycu45t0zv8xkx55cym52vvd6uaxtc |
191.67 |
| 8 | terra1sj4mw9cjk9syl0nr3cdeupnly9mapzrehlxpr7 |
117.93 |
| 9 | terra1u9aqc5nhm5cerw7y7k3nvx76wdw2g374seracr |
100.51 |
| 10 | terra1hvznr6wdvap9c9yg7rs7h2eledvar4nr4xz6vn |
95.91 |
Two of these addresses also still hold LP tokens in the old initiative pools: #4 in the old Garuda pool and terra1u43254tg45flzftddlcvl5y0x7479nsnvu5cdt (28.31 USDC.n) in the old Terraport pool.
Why you should act now
Since 2025, the initiative’s ~63,000 USDC in the Terraport, Garuda and Terraswap LUNC/USDC.n pools was the largest block of USDC.n liquidity on Terra Classic. That liquidity has now moved to Injective USDC. The old initiative pools hold only about 71 USDC.n between them.
What this means for you:
- USDC.n is still real USDC. It is an IBC voucher for native USDC on Noble and can be sent back to Noble over IBC (Terra Classic
channel-113↔ Noblechannel-149) and redeemed there 1:1. Nothing about that has changed. - On Terra Classic, liquidity for it is drying up. Swapping USDC.n against LUNC or other tokens on Terra Classic now mostly depends on the luncswap LUNC/USDC.n pool and the smaller project pools listed above. Expect more slippage and fewer routes over time.
- The community’s LUNC/USDC liquidity is now in Injective USDC (
ibc/F5211239…081F), in the three new pools on Terraport, Garuda and Terraswap.
What you can do:
- Projects with a USDC.n pool: consider creating a pair with Injective USDC on your DEX and moving your liquidity there, so your token keeps a deep USDC route through the new LUNC/USDC (Injective) pools. Let your liquidity providers know, too.
- Liquidity providers in USDC.n pools, including the old initiative pools: withdraw your liquidity and decide where to put the USDC.n.
- Individual holders: you can either
- send your USDC.n back to Noble over IBC and hold native USDC there, or
- convert it to Injective USDC the same way the initiative did: Terra Classic → Noble → Ethereum → Injective → Terra Classic. The earlier reports document every step of that route.
- Small amounts: for wallets with only a few USDC.n, the gas on Ethereum is likely to cost more than the amount itself. In that case, swapping in a remaining USDC.n pool on Terra Classic may be the cheaper option.
- Community pool: moving its 239.76 USDC.n would need a governance proposal.
None of this is financial advice. Every holder has to decide for themselves. We just want to make sure that nobody who holds USDC.n on Terra Classic is surprised later by thin liquidity.
Next steps
- A67 (in voting until 2026-10-19): show the Terraswap LP token in the multisig’s DAO DAO treasury.
- Top up the Terraport and Garuda pools to the same ~19,800 USDC level as Terraswap, using the 17,023.24 Injective USDC and 288.69M LUNC left in the multisig.
We’ll keep posting updates here as each step goes through. Questions and feedback are welcome, and if you hold USDC.n and are unsure what to do with it, feel free to ask here!