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Binance Officially Announces Support for the Abandoned Terra Classic (LUNC) Chain Upgrade

Binance, the world’s largest crypto exchange by trading volume, has announced its support for the upcoming upgrade of the Terra Classic (LUNC) network, the blockchain abandoned by Do Kwon and his team back in May, following the collapse of the Terra ecosystem.

According to Binance in an official announcement a couple of hours ago, Terra Classic (LUNC) network upgrade will take place at the block height of 9,109,990, or approximately at 2022-08-26 22:00 (UTC).

Read Also: Old Terra Tokens Surging: Meteoric Rise in Price of LUNC and USTC to Boost Investors’ Interest –Santiment

The exchange stated that due to this upgrade, deposits and withdrawals for LUNC will be suspended at approximately 2022-08-26 at 21:00 (UTC).

However, Binance noted that the trading of LUNC will not be affected during the network upgrade. It’s also assured that the exchange will handle all technical requirements involved for all users holding LUNC in their accounts.

Additionally, Binance will reactivate deposits and withdrawals for Terra Classic (LUNC) as soon as the upgrade is successfully concluded and the network becomes stable. Users’ will also be officially informed once everything is brought back to normalcy.

Abandoned Terra Classic (LUNC) Chain Is Back

Through the unity of the determined Terra Classic community members, the chain left for dead is coming back alive once again.

It can be recalled that Do Kwon and his team abandoned the blockchain following the launch of an entirely new chain codenamed Terra 2.0 back in late May 2022.

After the unpreventable crash of Terra (LUNA), a lot of Terra community members suggested an effective burn of the token in order to recover a portion of its lost values, but Do Kwon’s mind was occupied with something entirely different.

However, a fraction of the community members chose to keep holding the old Terra token, which was subsequently renamed Terra Classic (LUNC).

Read Also: Number of Terra Classic Holders Surges 525% in a Month As Investors’ Interest in LUNC Grows

A number of proposals were launched for its resurrection. And considering the current development, with the support of the Binance exchange, the future of the digital asset looks somewhat promising.

According to a Twitter account named LUNC Burn, once the 1.2% tax/burn becomes effective, the LUNC burn rate will massively skyrocket, and the joining to $1 per coin will begin. Recall that a proposal was launched and approved back in June to this effect.

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In a tweet a few hours ago, LUNC Burn tweeted, “The volume traded in the last 24hrs from now is $253m, 1.2% of that is $3m at these prices and volume we would have burned 23.5b LUNC. This is just taking a snapshot and its constantly changing minute to minute.”

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Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
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