Binance to Support Terra Classic Network Upgrade
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Binance, the world’s largest cryptocurrency exchange, has declared support for the Terra Classic network upgrade. The upgrade from version 1.0.4 to version 1.0.5 is scheduled to occur at block height 11.543.150, estimated to be on February 14th; however, the exact timing is subject to change.
Binance Will Support the Terra Classic (LUNC) Network Upgrade#LUNC #LunaClassicHQ #LUNACLASSIC https://t.co/nknFIAIZ8b
— LunaClassic HQ 🌕 ™ (@LunaClassicHQ) February 6, 2023
Binance will handle the necessary technical requirements for the upgrade on behalf of LUNC holders, and no user action is required. However, LUNC deposits and withdrawals will be suspended from block height 11.541.520, and the services will be resumed once the upgraded network is stable.
The upgrade is a result of proposal 11310 by the Joint L1 Task Force developer group, which was supported by the Terra Classic community. The upgrade aims to introduce a series of changes, including easier future upgrades and fulfilling requests made by Binance.
Binance to Burn 50% of LUNC
Binance’s request to upgrade the Terra Classic network is part of its LUNC burn initiative. In December, the exchange announced its plan to burn 50% of LUNC spot and margin trading fees rather than 100% due to Terra Classic developers’ plan to re-mint LUNC burns for a development fund. Binance made several requests, including creating a new LUNC burn wallet to prevent re-minting, which were fulfilled by the Terra Classic developers.
In conclusion, the Terra Classic network upgrade supported by Binance is aimed at introducing changes to the network and fulfilling Binance’s LUNC burn initiative requests. The upgrade is scheduled for February 14th, but the exact timing is subject to change.
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