Binance announced its support for the upcoming network upgrade of Terra Classic (LUNC), planned to occur at around 14:15 local time, at a block height of 19,850,000. To facilitate this upgrade process, Binance will temporarily suspend coin deposit and withdrawal activities on the Terra Classic network starting at 13:15 the same day.
Trading Operations Will Continue Uninterrupted
Binance emphasized that trading activities on the Terra Classic network will remain unaffected during this period, ensuring users can continue trading without interruptions.
The exchange highlighted that it would meet all technical requirements related to the upgrade, allowing users to focus solely on trading activities without needing any additional actions.
Aiming to Improve Terra Classic’s Blockchain
The planned network upgrade is part of ongoing efforts to enhance the performance and security of Terra Classic’s Blockchain. In the cryptocurrency world, network upgrades are implemented to introduce new features, improve security, and fix existing bugs. These upgrades are often seen as positive moves that can enhance overall functionality and reliability for blockchain users and investors.
Binance’s decision to support the upgrade stems from its commitment to providing a seamless experience for its users. By addressing all technical aspects of the upgrade, Binance will ensure that customers do not need to make any manual updates or changes during the process. Once the upgrade is completed and the network is deemed stable, Binance will reopen deposit and withdrawal operations for the affected coins without any additional announcements.
Moreover, the exchange reassured users that funds will remain safe for those holding Terra Classic coins on Binance during the upgrade. The temporary suspension of deposit and withdrawal activities is a precautionary measure to ensure that no transactions are disrupted during the upgrade process.
