HomeNewsTerra Luna Classic Skyrockets as Binance Embraces Core Upgrade

Terra Luna Classic Skyrockets as Binance Embraces Core Upgrade

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  • Binance publicly supports Terra Luna Classic’s v2.2.1 core upgrade set to launch at block height 14514000.
  • The unanimous decision by the Terra Luna Classic community reinforces the upgrade’s importance, with substantial backing from top validators.

Binance Pledges Support for Terra Luna Classic’s Transformation

In a landmark move, Binance, the pinnacle of cryptocurrency exchanges, formally announced its endorsement for Terra Luna Classic’s impending core upgrade. This update, denoted as v2.2.1, is not just any regular software refresh; it represents a pivotal transformation that promises to reshape the Terra Luna Classic blockchain.

Slated for September 12 at 10:15 UTC, the upgrade will take place at block height 14514000. As customary for major blockchain updates, Binance plans to suspend deposits and withdrawals for tokens affiliated with the Terra Classic network an hour prior to the scheduled upgrade. However, crypto enthusiasts can breathe easy as the spot and margin trading for LUNC and USTC tokens on the Terra Classic network will remain unaffected.

For those unfamiliar with blockchain jargon, block height refers to the number of blocks preceding the first block in the blockchain. As with many critical blockchain upgrades, this change has not been without its challenges and debates.

Reiterating its commitment to ensuring a seamless experience for its user base, Binance elucidated,

“Binance will shoulder all technical intricacies for all users. The suspension on deposits and withdrawals via the Terra Classic network will be lifted once we ascertain the post-upgrade network’s stability, eliminating the need for further announcements.”

Previous reports from CoinGape Media showcased the overwhelming support this proposal attracted from the Terra Luna Classic community. A staggering 99.85% endorsed the upgrade, backed by 49 out of 50 validators, including prominent names like Allnodes and HappyCattyCrypto.

The v2.2.1 core upgrade isn’t merely a superficial change. It encompasses an upgrade to the cosmos SDK, a migration of tendermint to CometBFT, a transition of IBC-go to v6, and introduces wasmd. Moreover, it encapsulates pivotal changes previously ratified through governance votes, a highlight of which is the splitting of the burn tax to the distribution module.

While the broader crypto landscape experienced a dip recently, with Terra Luna Classic and USTC prices undergoing a 5% decline, there’s a palpable buzz of anticipation. LUNC’s price exhibited a resurgence, marking a 3% rise from its 24-hour nadir, accompanied by a 35% surge in trading activity. Concurrently, USTC displayed a similar 3% ascent.

Blockchain’s world is one of relentless evolution, and with industry giants like Binance leading the charge, Terra Luna Classic’s v2.2.1 upgrade stands as a testament to the ecosystem’s unwavering commitment to progress.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628