Binance Backs Terra Luna Classic Upgrade as the Community Tries to Revive the Ecosystem

Digital asset exchange Binance has supported a major Terra Luna Classic upgrade on its platform. Recently, Terra has rolled out new updates as the community tries to revive the ecosystem after the infamous implosion in 2022 that saw huge losses.

Cryptocurrency exchange Binance has announced support for a major Terra Luna Classic (LUNC) network upgrade.

As part of the upgrade, Binance will be suspending LUNC deposits and withdrawals to ensure a seamless user experience during the network maintenance. The exchange will handle all technicalities, allowing users to continue trading the asset without interruptions.

Following the upgrade, transactions (deposits and withdrawals) will resume once the network stabilizes.

The community has praised Binance for supporting the ecosystem, with some users calling for further collaboration.

“BREAKING: @binance announces support for the $LUNC v.3.3.0 upgrade. This upgrade simplifies tax handling by automatically deducting tax from the amount sent before it reaches the recipient’s wallet, and makes it easier for developers to deploy on #LUNC,” @mrdiamondhandz noted on X.

The upgrade aims to simplify tax handling and security on the network, making it easier for developers to build on the chain.

A new system will automatically deduct tax from the amount sent, eliminating the need for manual handling by the recipient's wallet. This streamlines the process and enhances the network's utility among users.

A vast majority of the community has expressed support for Terra's new upgrade.

“The chain will be halted at block height 21163600 which will approximately be processed on Dec 17, 2024, 12:57:47 UTC. The actual halt time is an early estimate, can vary, and depends on the chain’s block speed until the specified height is reached. Upon passing of this proposal, an automatic chain halt will be scheduled at the specified height,” the developers added on GitHub.

Network upgrades typically generate excitement within the community, and the platform's token tends to experience price gains.

However, this was not the case for LUNC, as the asset saw sharp outflows, reaching 4% in the last 24 hours. While the weekly numbers are still positive, short-term movements remained down due to low volumes.

Bulls are anticipating a price increase, but most analysts predict sideways trading for now, as the asset moves against the broader market.

Bitcoin hit a new all-time high above $107K, driving the total crypto market capitalization to over $3.73 trillion.