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Binance Announces Support For Terra Luna Classic (LUNC) Network

Binance announces support for Terra Luna Classic's v2.2.1 core upgrade submitted by L1 Terra Classic Task Force (L1TF) developer.

Published by

Varinder Singh

Published 12 Sep, 2023 | 08:53:48 AM UTC

Binance Announces Support For Terra Luna Classic (LUNC) Network

The world’s largest crypto exchange Binance on Tuesday announced support for Terra Luna Classic’s latest upgrade to bring significant changes to the chain. The Terra Luna Classic community unanimously passed the proposal for the v2.2.1 core upgrade submitted by L1 Terra Classic Task Force (L1TF) developer group.

Binance To Support Terra Luna Classic Core Upgrade

Binance in an official announcement on September 12 revealed support for the Terra Luna Classic network upgrade. The v2.2.1 core upgrade will happen at block height 14514000 on September 12 at 10:15 UTC, according to the countdown.

The crypto exchange will suspend deposits and withdrawals of tokens through the Terra Classic network an hour before the upgrade. However, the spot and margin trading of LUNC and USTC on the Terra Classic (LUNC) network will continue to operate normally during the upgrade.

“Binance will handle all technical requirements involved for all users. We will reopen deposits and withdrawals of tokens via the Terra Classic network once we deem the upgraded network to be stable, and we will not notify users in a further announcement.”

CoinGape Media earlier reported that the proposal received unanimous support from the Terra Luna Classic community, with 99.85% “Yes” votes. In total 50 validators participated in the governance voting and 49 voted in favor of the proposal. Top validators including Allnodes, Interstellar Lounge, HappyCattyCrypto, Stakely, 1maxfee, and others support the proposal.

The v2.2.0 core upgrade includes cosmos SDK upgrade, tendermint migration to CometBFT, IBC-go to v6, and wasmd. The upgrade also implements key changes earlier passed through governance voting including splitting the burn tax to the distribution module.

Community Anticipates Jump In LUNC and USTC Prices

Terra Luna Classic and USTC prices fell more than 5% on Monday due to pressure amid a selloff across the crypto market.

LUNC price jumped 3% from the 24-hour low of $0.0000557, with the price currently trading at $0.000057. Trading volume has also increased 35% in the past 24 hours. However, it still continues to trade under pressure.

Meanwhile, USTC price trades at $0.012, also up 3% in the past 24 hours. The 24-hour low and high are $0.0118 and $0.0122, respectively.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by

Varinder Singh

Published 12 Sep, 2023 | 08:53:48 AM

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