Binance Adds Support for Terra Classic (LUNC) Upgrade

Terra Classic

Following a successful upgrade at block height 13215800, the price of LUNC surged by 8% in the past 24 hours.

World’s largest cryptocurrency exchange, Binance, announced its support for the significant v2.1.1 update of the Terra Classic (LUNC) network. The decision came after Binance users voted in favor of Proposal 11561. This update will enhance the competitiveness of the blockchain, aligning it with other Cosmos chains such as Terra 2.0. Consequently, development teams can resume creating and launching decentralized applications (dApps) on the Terra Classic chain.

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Also Read: Terra Classic (LUNC) Experiences a Spectacular Revival With a Huge Surge

To ensure the smooth functioning of dApps, the Joint L1 Task Force (L1TF) is currently awaiting Google’s upgrade for the Chrome extension. Until the upgrade is deployed, certain CosmWasm components may not function properly, potentially affecting the performance of dApps. The L1TF is actively monitoring the situation and eagerly anticipating Google’s update to address the issue.

LUNC Price Jumps

Binance announced its support for the v2.1.1 update of Terra Classic on June 14th. The successful upgrade of the Terra Classic network took place today at 13:57 UTC, reaching block height 13215800.

Starting from 13:00 UTC, Binance will temporarily suspend Terra Classic (LUNC) network deposits and withdrawals for both LUNC and USTC. However, users will still be able to trade LUNC and USTC without any disruptions during the network update.

Following the update, Binance plans to resume accepting deposits and withdrawals once the Terra Classic network stabilizes. The network update has garnered support from various cryptocurrency exchanges, including KuCoin.

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@LuncBurnArmy, the project manager for the Joint L1 Task Force, took to Twitter to inform users that the upgrade might pose challenges for dApps due to certain wasm components that will only function properly after Google updates its Chrome extension. However, the current online and mobile versions of Station will continue to operate without any disruptions.

Following investor and whale speculation, the stock price of Terra Classic experienced a remarkable surge of 15% on Tuesday, driven by expectations of a significant rise post-upgrade. Subsequently, after the successful upgrade, the price of LUNC witnessed an 8% jump in the past 24 hours.

Also Read: Terra Classic’s Biggest v2.1.0 Parity Upgrade Proposal Officially Passed, LUNC Soars to $1

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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