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- Binance confirms support for Terra Luna Classic’s v2.2.1 upgrade, set for block height 14514000 on September 12.
- Terra Luna Classic’s v2.2.1 update brings cosmos SDK upgrade, tendermint migration, and other pivotal changes.
Binance Embraces Terra Luna Classic’s Upcoming Transformation
Binance, the renowned global crypto exchange, has affirmed its commitment to Terra Luna Classic by announcing support for its imminent v2.2.1 core upgrade. This news follows the overwhelming acceptance of the proposal by the Terra Luna Classic community.
Scheduled Upgrade and Operational Changes
The much-anticipated upgrade is slated for September 12 at block height 14514000, precisely at 10:15 UTC. However, to ensure a seamless transition, Binance will temporarily halt deposits and withdrawals of tokens via the Terra Classic network an hour prior to the upgrade. Notably, standard and margin trading for LUNC and USTC tokens on the Terra Classic network will remain unaffected.
In light of this upgrade, Binance has reassured its users, stating,
“Binance will manage all intricate technicalities for all users. Deposits and withdrawals of tokens will resume on the Terra Classic network once we ascertain the network’s stability post-upgrade.”
Previous reports shed light on the proposal’s massive endorsement by the Terra Luna Classic community, where it secured a staggering 99.85% affirmative votes. This inclusive decision saw participation from 50 validators, with an impressive 49 giving the nod. Renowned validators, such as Allnodes, Interstellar Lounge, and HappyCattyCrypto, were among those championing the upgrade.
The forthcoming v2.2.1 core upgrade is set to incorporate multiple advancements, including a cosmos SDK upgrade and a tendermint shift to CometBFT. Furthermore, the upgrade also integrates pivotal changes previously approved through governance votes, like the modification of the burn tax distribution.
Market Reactions to the Announcement
Despite the larger crypto market experiencing a downtrend, the announcement spurred a positive market reaction for Terra Luna Classic and its tokens. LUNC saw a price surge of 3% from its 24-hour low, while its trading volume spiked by 35% within the same timeframe. Conversely, USTC witnessed a 3% price uptick within 24 hours.
Blockchain experts and investors are keenly watching these developments, as they can potentially reshape the dynamics of Terra Luna Classic and its position in the crypto ecosystem.
