Binance, the world’s largest cryptocurrency exchange, has made a stunning announcement, expressing its backing for the upcoming “Terra Classic (LUNC) V2.0.1” network upgrade. In response to this news, Binance has temporarily suspended deposits and withdrawals of LUNC and USTC, leading to a remarkable surge of over 5% in the price of Terra Classic (LUNC). This move by Binance entails a halt in the LUNC blockchain to facilitate the successful completion of the improvements planned for the upgrade.
The network upgrade, Terra Classic (LUNC) V2.0.1, encompasses several significant enhancements. These include bolstered code maintainability, an upgraded Cosmos SDK and Tendermint, as well as the implementation of a minimum initial deposit requirement for governance proposals, serving as a safeguard against spam.
Terra (LUNA), which suffered a significant setback, has been striving to regain its position in the market. The Terra 2.0 initiative has garnered considerable attention, evidenced by an overwhelming 99.5% vote in favor of the proposal. As a result, LUNC emerged as one of the top gainers, experiencing a price surge exceeding 5% according to CoinMarketCap. The forthcoming network upgrade is expected to bring about substantial changes to the price dynamics of the Terra Classic network.
In addition to the Terra Classic upgrade, Binance has also pledged its support for the KAVA 13 network upgrade. Consequently, withdrawals and deposits for KAVA have been temporarily paused, indicating Binance’s commitment to facilitating the smooth execution of network improvements.
With Binance’s backing and the imminent implementation of the Terra Classic upgrade, the cryptocurrency community eagerly awaits the transformative impact these developments will have on the Terra Classic network and its associated price movements.