Binance has just announced its commitment to support the new core upgrade for Terra Luna Classic (LUNC). The v2.2.1 upgrade proposal was submitted by the L1 Terra Classic Task Force (L1TF) developer group and was unanimously passed by the community.
Binance’s Support for the v2.2.1 Upgrade
In its official statement today September 12, Binance announced support for the Terra Luna Classic network upgrade. According to Binance’s announcement, “The Terra Classic (LUNC) network upgrade will take place at the Terra Classic block height of 14,514,000, or approximately at 2023-09-12 14:15 (UTC).”
To facilitate the smooth transition, the crypto exchange will temporarily halt deposits and withdrawals of Terra Classic tokens from 13:15 (UTC). Notably, spot and margin trading of LUNC and USTC on the Terra Classic (LUNC) network will continue unaffected during the upgrade.
Binance also assured its users that it will manage all the technical aspects involved. The exchange will reopen token deposits and withdrawals once the upgraded network is stable. It promises to update users on any other announcements or changes.
The community has expressed excitement over the upgrade, as shown in the recent spike in the LUNC trading volume. The excitement for this upgrade can also be seen in how the validators responded, with 99.86% voting yes, 0.08% voting no, 0.04% voting no with veto, and 0.02% abstaining from voting.
A Big Step Toward Terra Classic (LUNC) Long-Term Goals
The upgrade promises to bring flexibility to the Terra Classic network. It also signifies a big step toward Terra Luna Classic’s long-term goals, including the mission of $1 price recovery.
According to L1TF developer Vinh Nguyen, the v2.2.1 upgrade fixes minor issues from the v2.2.0 upgrade.
The v2.2.0 upgrade brought a series of essential changes like an upgrade to the cosmos SDK, Tendermint migration to CometBFT, moving IBC-go to v6, and more. It also brought some previously approved upgrades.
Despite the momentous improvement, LUNC is down 3.54% over the last seven days. However, it has shown some improvement with an increase of 2.83% over the previous 24 hours. The network upgrades are one of the things community members are hoping will drive up the price, although a machine learning algorithm has different predictions.