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The world’s largest crypto exchange Binance on Wednesday said it will support the Terra Classic v2.0.1 network upgrade and Kava 13 mainnet upgrade.
The crypto exchange will suspend deposits and withdrawals of LUNC and USTC on the Terra Classic (LUNC) network today, May 17. Deposits and withdrawals for KAVA will also be suspended today.
Binance To Support Terra Classic and Kava Network Upgrades
According to an official announcement on May 17, Binance will support Terra Classic (LUNC) network upgrade scheduled to take place at block height 12,815,210, estimated at 16:45 on May 17. The blockchain will be halted at the block until the upgrade is completed.
Binance will suspend deposits and withdrawals for LUNC and USTC on the Terra Classic (LUNC) network from May 17 at 13:30 UTC.
Proposal 11511 by Joint L1 Task Force has officially passed with 99.5% votes in favor of the proposal. Moreover, major validators such as Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote have supported the proposal.
The upgrade will introduce several features to the Terra Classic blockchain, including minimum initial deposit for governance proposals, upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24, as well as mandatory security updates.
Moreover, Binance will support Kava 13 network upgrade scheduled at block height 4,832,500, estimated to happen at 15:00 UTC on May 17. The exchange will suspend KAVA deposits and withdrawals starting from May 17 at 14:30 UTC.
Other crypto exchanges including Gate.io, MEXC Global, and KuCoin have also announced support for the Terra Classic upgrade.
Kava 13 upgrade includes updates to major dependencies and offers additional powers for Kava DAO to manage community pool funds through the x/community module.
The LUNC, USTC, and KAVA trading will remain functional during the network upgrades. Binance will reopen deposits and withdrawals once the upgraded networks become stable.
Also Read: Terra Classic Project Burns 2 Billion LUNC Tokens, Overtaking Binance Burn
LUNC Price Gains Upside Momentum
LUNC price gained 2% in the last 24 hours, with the price currently trading at $0.000091. The 24-hour low and high are $0.000088 and $0.000093, respectively. Furthermore, the trading volume has increased significantly in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, KAVA price currently trades at $0.91, down 7% in the past 24 hours and up 9% in a week. The 24-hour low and high are $0.90 and $0.98, respectively.
Also Read: Coinbase Looks To Singapore Amid US SEC Woes
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