The announcement of Terra Classic Community’s plans to upgrade the Terra Classic to v2.1.0 has set the community abuzz with eager anticipation. Users worldwide eagerly await the release of this update, which is scheduled to go live today approximately at 14:00 (UTC) today. This timing, however, is still subject to change.
Just recently, Binance disclosed its unwavering support for the upcoming Terra Classic (LUNC) upgrade to v2.1.0. The announcement was made in a press release today. Consequently, Binance will suspend deposits and withdrawals on the Terra Classic network at 13:00 (UTC) today.
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Binance’s Plans to Suspend Activities on Terra Classic Network
According to the Cryptocurrency exchange, its plan to suspend activities on the Terra Classic Network is a measure aimed at ensuring that market participants do not face deposits or withdrawal-related issues as a result of the instability of the network during the upgrade.
It also revealed that the suspension would only be temporary and would be lifted once the network becomes more stable. However, Binance shared that it would announce when the suspension will be lifted in another statement at a later date.
Binance assured the Terra Classic Community that the temporary suspension of its activities on the Terra Classic network would not in any way affect internal trades for tokens on the network.
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What is the Significance of this Terra Classic Update
It is worth noting that the Terra Classic update to v2.1.0 is an integral part of the ultimate Terra Classic revitalization plan to bring LUNC to parity using the Cosmos network and the Luna 2.0 blockchain. The upgrade is expected to bring more utility to Terra Classic network.
Plans are currently in motion for the update evidenced by the rebel-2 testnet upgrade to v2.1.0 which was aimed at ensuring that the update was without issues and that a mainnet update was just around the corner.
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