Crypto exchange Binance continues to provide support for upgrades and hard forks for altcoins. The exchange recently announced its support for the planned network upgrade of Terra Classic (LUNC), a popular altcoin. Here’s what you need to know about Terra Classic’s network upgrade.
Binance has announced its support for the network upgrade of Terra Classic. The planned upgrade is expected to take place on November 20th at 12:00 PM UTC or at block height 15,493,370.
In preparation for the network upgrade, Binance will suspend deposits and withdrawals for the Terra Classic network one hour before the upgrade, starting from 11:00 AM UTC on November 20th. Deposits and withdrawals for Terra Classic will be resumed after the completion of the network upgrade, once it has been confirmed that there are no issues.
Trading of LUNC will continue unaffected by the network upgrade for Terra Classic. The upgrade will only temporarily affect deposits and withdrawals. Binance will ensure that all technical requirements for Terra Classic’s network upgrade are met for its users.
Following the discontinuation of USTC in May 2022, the community behind Terra Classic decided to create a new blockchain called Terra 2.0, without algorithmic stablecoins. Terra Classic, rebranded from Terra, is a public blockchain based on Tendermint. It hosts the algorithmic stablecoin TerraClassicUSD (USTC).
According to data provided by crypto data and price platform CoinMarketCap, LUNC is currently trading at $0.00008383 with a 4.03% increase in the last 24 hours. During the same period, the trading volume of the altcoin has increased by a limited percentage of 2.22, reaching $39.7 million. The data shows that LUNC has increased by 18.47% in the last 7 days and 44.22% in the last 30 days.