Binance Backs Terra Luna Classic (LUNC) v3.3.0 Upgrade Scheduled for December 17

Binance, the largest global crypto exchange, announced its support for the upcoming upgrade to the Terra Luna Classic (LUNC) network.

Binance, the world’s leading crypto exchange, has announced its support for the upcoming Terra Luna Classic (LUNC) network upgrade.

Set to take place on December 17, the v3.3.0 update is a crucial development for the blockchain’s tax management system and aims to enhance its utility by attracting developers and new projects to the platform.

The exchange confirmed that the upgrade will occur at block height 21163600, approximately at 14:02 UTC. To facilitate this transition smoothly, Binance will briefly halt deposits and withdrawals for LUNC tokens.

Meanwhile, trading of LUNC will not be impacted during this period, as Binance will handle all the necessary technical aspects.

Binance has played a significant role in the Terra Luna Classic revival, having already implemented a monthly LUNC burn mechanism to decrease the circulating supply. Other major exchanges, such as Bybit and OKX, have also expressed their support for this essential network upgrade.

The v3.3.0 update introduces several key features, including automatic tax deductions for transactions, streamlining tax handling. Moreover, the upgrade strengthens network security and improves the overall utility of the platform, making it more accessible for developers and decentralized applications (dApps).

This update aligns with the broader efforts to revitalize Terra Luna Classic, which involve burning LUNC tokens and potentially repegging the USTC stablecoin. To date, the community has burned over 393 billion LUNC, with Binance contributing 68 billion.