Just-In: Binance Supports Terra Classic Upgrade (LUNC), Will It Start A Bull Run
Binance, the world’s largest cryptocurrency exchange, announced Monday support for Terra Classic (LUNC), an upgrade.
The Terra Classic (LUNC), network upgrade will take place at block height 11,543,150. This is expected to occur on February 14.
The upgrade is part Proposal 11310 of the Joint L1 Task Force developer team led by professor Edward Kim. It aims to upgrade the chain to v1.0.4 to 1.0.5.
Binance Announces Support for Terra Software Upgrade
Official announcement of Binance on February 6 stated that Terra Classic (LUNC), a blockchain upgrade to v1.0.4 from v1.0.5 will be supported at a block height 11543,150. The block height required to reach the required block height will be reached on February 14, at a block height of 11,416,500.
Binance will stop LUNC tokens withdrawals and deposits starting at Terra Classic block height of 11,541,520. After the upgrade, the Terra Classic network will be stable and withdrawals will resume.
During the network upgrade, trading of Terra Classic tokens (LUNC) will not be affected. Binance promises to meet all technical requirements of all users who hold LUNC in Binance accounts.
Last week, Edward Kim, a core developer, presented Proposal 11310 to the community to upgrade the blockchain’s version to 1.0.5. It will make it easier to estimate transaction fees (gas, burn tax) and plan for future chain upgrades. According to the description on GitHub, Edward Kim calls the upgrade the most important change.
This is actually the first upgrade of the Terra Classic blockchain, according to the Joint L1 Task Force’sQ1 roadmap. It will be followed up by v1.0.6, CosmosSDK, Tendermint and v2.0.4 upgrades.
It will also bring back the Binance-LUNC burn mechanism. Developers will be able to make the necessary modifications requested by Binance in order to continue burning LUNC after March.
Continue the LUNC Price Rally
The upgrade is expected to increase LUNC prices and increase volatility during the week. The LUNC price rose above $0.00020 in the last week.
The LUNC price has fallen nearly 1% over the past 24 hours. It currently trades at $0.0001843. The low and high for the 24-hour are $0.0001785 (or $0.0001885).
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