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- Binance will suspend deposits and withdrawals of LUNC and USTC for an upgrade.
- Terra Classic (LUNC) price increased by more than 5%.
Binance, the largest cryptocurrency exchange globally, will facilitate the “Terra Classic (LUNC) V2.0.1” network upgrade. Consequently, the exchange will cease deposits and withdrawals of LUNC and USTC.
As stated in an official announcement on May 17, Binance will support the Terra Classic V2.0.1 network upgrade, which is set to occur at block height 12,812,900, approximately on 2023-05-17 at 14:03 (UTC). The LUNC blockchain will be paused during the upgrade process.
Moreover, the Terra Classic blockchain V2.0.1 network upgrade will be succeeded by the Cosmwasm 1.1.0 Parity upgrade on May 31. This will enable initiatives and developers across Cosmos and Terra (LUNA) to build on the Terra Classic chain.
This represents a significant upgrade to the LUNC blockchain. The enhancement encompasses numerous features, including an updated Cosmos SDK and Tendermint, improved code maintainability, and a minimum initial deposit for governance proposals to mitigate spam.
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Following the collapse of Terra (LUNA), which caused substantial changes in the global crypto market, the ‘Terra ecosystem and its community’ have been striving to regain their standing in the market in various ways.
Terra 2.0 continues to draw interest and attention, having garnered 99.5% of votes in favor of the proposal. Additionally, Terra Classic has made it onto the top gainer list with a price increase exceeding 5% from $0.00008877 to $0.00009328, according to CoinMarketCap.
Terra Classic (LUNC) Price Chart (Source: CoinMarketCap)
At the moment of writing, LUNC was trading at $0.00009118, with a 24-hour trading volume exceeding $34 million, which rose by approximately 63%. Nonetheless, cryptocurrency analysts believe that the upgrade could bring considerable changes to the Terra Classic network and its price.
Additionally, Binance is also supporting the KAVA 13 network upgrade, expected to happen at block height 4,832,500, or on 2023-05-17 at 15:00 (UTC). KAVA withdrawals and deposits will also be suspended.
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