The world’s largest crypto exchange Binance on Monday announces support for Terra Classic (LUNC) upgrade.
The Terra Classic (LUNC) network upgrade will happen at block height 11,543,150, expected on February 14.
The upgrade is part of Proposal 11310 by the Joint L1 Task Force developer group led by professor Edward Kim, aiming to upgrade the chain from v1.0.4 to v1.0.5.
Binance Announces Support For Terra Classic Software Upgrade
According to the official announcement on February 6, Binance will support Terra Classic (LUNC) blockchain upgrade from v1.0.4 to v1.0.5 at a block height of 11,543,150. The required block height is expected to reach on February 14, with the current block height being 11,416,500.
Binance will suspend LUNC tokens deposits and withdrawals starting from Terra Classic block height of 11,541,520. The deposits and withdrawals will resume once the Terra Classic network becomes stable after the upgrade.
Notably, the trading of Terra Classic (LUNC) tokens will not be affected during the network upgrade. Binance commits to handling all technical requirements for all users holding LUNC in their Binance accounts.
The community passed Proposal 11310 by core developer Edward Kim last week to upgrade the blockchain to v1.0.5. It will make transaction fees (gas and burn tax) estimation and future chain upgrade a lot easier and smoother. Edward Kim refers to the upgrade as the most important change, as per the description on GitHub.
In fact, this is the first upgrade for the Terra Classic blockchain as per Joint L1 Task Force’s Q1 roadmap. It will be followed by v1.0.6, Cosmos SDK, Tendermint, and v2.0.4 upgrades.
Interestingly, it will bring back the Binance LUNC burn mechanism. The upgrade will enable developers to make the necessary changes requested by Binance to continue burning LUNC from March onwards.
LUNC Price Rally to Continue?
The upgrade is likely to increase LUNC prices, along with an increase in volatility during the week. The last week saw LUNC price rally over the $0.00020 level.
LUNC price decreased nearly 1% in the last 24 hours, with the price currently trading at $0.0001843. The 24-hour low and high are $0.0001785 and $0.0001885, respectively.
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