The world’s largest crypto exchange Binance on Tuesday said it will support the Terra Classic (LUNC) network scheduled for today. The v3.3.0 upgrade is crucial for the chain and the community for tax handling and boosting utility by attracting developers and projects. The upgrade is now live.
In an official announcement by Binance, the crypto exchange announced support for the Terra Luna Classic network upgrade. The v3.3.0 upgrade successfully happened at block height 21163600 at 14:05 UTC on December 17, as per StakeBin data.
The leading crypto exchange has supported the Terra Luna Classic revival and USTC repeg, with a monthly LUNC burn mechanism to help the community reduce circulating supply.
Binance will suspend LUNC token deposits and withdrawals on the network to support its major network upgrade, ensuring the best user experience.
“The trading of token(s) on the aforementioned network will not be impacted. Binance will handle all technical requirements involved for all users.”
Other top crypto exchanges such as Bybit and OKX have also announced support for the Terra Classic chain’s major upgrade.
As CoinGape reported earlier, the v3.3.0 Terrad upgrade simplifies tax handling by automatically deducting tax from the amount sent before it reaches the recipient’s wallet.
It also boosts security and utility, making it easier for developers and dapps to build on the Terra Luna Classic network. Utility, LUNC burn and USTC repeg are the community’s major focus for LUNC revival.
The community has burned 393.87 billion LUNC, with 68.39 billion incinerated by Binance. The community has expressed thanks to the exchange for supporting the upgrade.
LUNC price jumps 1% in the past 24 hours, but trades above the $0.00012 support level. Terra Luna Classic price currently trades at $0.0001306. The 24-hour low and high are $0.0001278 and $0.0001345, respectively. Furthermore, the trading volume has increased by 16% in the last 24 hours, indicating a rise in interest among traders.
As per analysts, the long-term price is healthy and staking is consistent with a recent dip indicating that investors expect a pump incoming.
Meanwhile, USTC price also climbed 1% on broader crypto market cues. The price currently trades at $0.02304, with a 24-hour low and high of $0.02251 and $0.02418, respectively. Moreover, trading volume has surged 25% over the past 24 hours.
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