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Binance, the world’s largest cryptocurrency exchange, announced on Tuesday that it supports the latest upgrade of Terra Luna Classic that will bring significant changes to the chain. The Terra Luna Classic community unanimously accepted the v2.2.1 core upgrade proposal presented by the L1 Terra Classic Task Force (L1TF) developer group.
Terra Luna Classic Receives Major Support
Binance announced its support for the Terra Luna Classic network upgrade in an official announcement on September 12th. According to the countdown, the v2.2.1 core upgrade will take place at 10:15 UTC on September 12th at block height 14514000.
The cryptocurrency exchange will suspend token deposits and withdrawals via the Terra Classic network one hour before the upgrade. However, spot and margin trading of LUNC and USTC on the Terra Classic (LUNC) network will continue to operate normally during the upgrade.
Binance will meet all the necessary technical requirements for all users. We will reopen token deposits and withdrawals via the upgraded network when we believe the network is stable, and we will not make any further announcements to users.
Previously, it was reported that the proposal received unanimous support from the Terra Luna Classic community with a 99.85% “Yes” vote. A total of 50 validators participated in the governance vote, with 49 voting in favor of the proposal. Top validators, including Allnodes, Interstellar Lounge, HappyCattyCrypto, Stakely, 1maxfee, and others, supported the proposal.
The v2.2.0 core upgrade includes the Cosmos SDK upgrade, transition to CometBFT, IBC-go v6, and wasmd. The upgrade also implements significant changes previously approved in the governance vote, including the split of the burning tax distribution module.
Will LUNC and USTC Prices Rise?
Due to selling pressure in the cryptocurrency market, Terra Luna Classic and USTC prices dropped by over 5% on Monday. The LUNC price showed a 3% increase from its lowest point in the past 24 hours, reaching 0.000057 dollars and currently trading at that price. Trading volume also increased by 35% in the last 24 hours.
However, it is still under pressure. Meanwhile, the USTC price is also trading at 0.012 dollars with a 3% increase in the last 24 hours. The lowest and highest prices in the past 24 hours were 0.0118 and 0.0122 dollars, respectively.
