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Tuesday, June 25, 2024

Binance to Support Terra Classic Major Upgrade, Will It Impact LUNC Price?

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Binance, Terra Classic, LUNC

  • Binance will halt deposits and withdrawals of LUNC and USTC for an upgrade.
  • Terra Classic (LUNC) price surged over 5%.

Binance, the world’s largest cryptocurrency exchange, will support the “Terra Classic (LUNC) V2.0.1” network upgrade. As the cryptocurrency exchange will halt deposits and withdrawals of LUNC and USTC.

According to an official announcement on May 17, Binance would support the Terra Classic V2.0.1 network upgrade. That is scheduled to take place at the block height of 12,812,900, or roughly on 2023-05-17 at 14:03 (UTC). The LUNC blockchain will be stopped while the enhancement is completed.

In addition, the Terra Classic blockchain V2.0.1 network upgrade was followed by the Cosmwasm 1.1.0 Parity upgrade on May 31. That would enable projects and builders across Cosmos and Terra (LUNA) to build on the Terra Classic chain.

This is a major upgrade to the LUNC blockchain. The upgrade includes a multitude of features, including an upgraded Cosmos SDK and Tendermint, enhanced code maintainability, and a minimum initial deposit for governance proposals that will prevent spam.

LUNC Spotted on Top Gainer List

Since Terra’s (LUNA) collapse, which led the global crypto market to undergo significant changes, the ‘Terra ecosystem and its community’ have been attempting to reclaim their position in the market in many ways.

Terra 2.0 is still attracting people and gaining attention, as it recorded 99.5% of votes in favor of the proposal. In addition, Terra Classic appeared on the top gainer list with a more than 5% price surge from $0.00008877 to $0.00009328, as per CoinMarketCap.

Terra Classic (LUNC) Price Chart (Source: CoinMarketCap)

At the time of writing, LUNC traded at $0.00009118 with a 24-hour trading volume of over $34 million, which climbed about 63%. However, cryptocurrency experts believe that the upgrade may bring significant changes to the Terra Classic network as well as its price.

Further, Binance also supports the KAVA 13 network upgrade. That is expected to take place at a block height of 4,832,500, or on 2023-05-17 at 15:00 (UTC). And KAVA withdrawals and deposits will be halted.

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