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Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Binance CEO and Terra Classic (LUNC)

BREAKING: Binance Announces Support For Terra Classic (LUNC) Upgrade

Best Owie
by Best Owie
2 years ago
·
Posted in Breaking News Ticker, Terra
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto exchange Binance has announced that it will be supporting the network upgrade of Terra Classic (LUNC). The exchange has also provided information on what LUNC users should expect during and after the period of the upgrade.

Binance Will Implement New Terra Classic (LUNC) Upgrade

In the announcement that was made on Friday, Binance revealed that it would be supporting the Terra Classic (LUNC) network upgrade. The upgrade which will be taking place on epoch 15,029 is a result of the LUNC community voting to pass Proposal 11242 which eliminates the re-minting of a portion of the burn tokens. 

Related Reading: Bulgarian Authorities Raid Nexo Offices Amid Money Laundering Investigations

The upgrade is expected to take approximately three hours and during this time, deposits and withdrawals will be disabled on the Binance exchange. This will affect USTC, LUNC, and ANC for the duration of the upgrade. However, users will still be able to trade the cryptocurrencies as normal on the exchange.

When the upgrade is done, deposits and withdrawals for LUNC, USTC, and ANC will automatically be re-opened, but Binance will not make an announcement on this. So users should just check to see if their deposits and withdrawals are working again.

Terra Classic (LUNC) price chart from TradingView.com

LUNC price trading at $0.00017 | Source: LUNCBUSD on TradingView.com

Furthermore, the upgrade could have an impact on transaction fees for LUNC, USTC, and ANC. “Binance will review and adjust the withdrawal fees for LUNC, USTC, and ANC via the Terra Classic (LUNC) network in accordance with market conditions, where applicable,” the exchange said.

Related Reading: Shiba Inu Unveils New Partnership, SHIB Trade Volume Spikes

LUNC price is already responding positively to the Binance announcement. The digital asset is currently trading in the green at a price of $0.000176. Its price is up 6.87% in the last 24 hours and seeing gains of 17.03% in the last week, according to data from Coinmarketcap.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from CoinGabbar, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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