Binance, the largest cryptocurrency exchange in the world, confirmed on Friday that it will support the upgrade of the Terra Classic (LUNC) network. Proposal 11242, which prevents the re-minting of some of the burn tokens, was approved by the LUNC community, leading to the upgrade. There will be a network upgrade for Terra Classic (LUNC) somewhere around January 14th 2023 at 04:50 UTC.
How Binance plans to roll out the upgrade and its potential impact
To make it easier for Binance customers to hold LUNC, USTC, and ANC, the company will take care of all the underlying technical requirements of the upgrade. In addition, the Terra Classic (LUNC) network withdrawal costs for LUNC, USTC, and ANC will be evaluated and, if necessary, adjusted by the exchange in accordance with market conditions. There will be a temporary halt to Terra Classic (LUNC) network deposits and withdrawals for LUNC, USTC, and ANC beginning at about 3:50 PM UTC on January 14th, 2023.
It is anticipated that the upgrade will take about three hours to complete. Binance will not announce the reopening of LUNC, USTC, and ANC deposits and withdrawals once the upgrade is implemented. Therefore, customers should double-check that they can successfully make deposits and withdrawals.
Created originally as Luna Classic (LUNC), Terra Classic is the native coin to the original/old Terra chain. It went live on the new chain following a hard fork, which occurred on May 28, 2022, with the generation of the genesis block. With all the same features as the original Terra Luna coin, LUNC still serves as a stabilizing mechanism for Terra Classic’s stablecoin, TerraUSD (UST). Support by Binance is invaluable for LUNC holders who have had it rough since Terra went under. It is a vote of confidence by the world’s largest cryptocurrency exchange, and nobody can ignore the potential impact it could have on the LUNC price.