In a major development, the world’s leading cryptocurrency exchange, Binance, has officially announced its support for the much-anticipated Terra Classic (LUNC) network’s v2.1.1 upgrade. This significant upgrade, approved through Proposal 11561 by the Terra Classic community, will align the blockchain with Terra 2.0 and other Cosmos chains. The upgrade opens doors for developers and projects to create and deploy decentralized applications (dApps) on the Terra Classic chain once again.
Binance’s Backing of Terra Classic v2.1.1 Parity Upgrade On June 14, The exchange made a public statement confirming its support for the Terra Classic network’s v2.1.1 upgrade. The network upgrade is scheduled to occur at block height 13215800, anticipated to take place today at 14:00 UTC. Current data suggests that the upgrade will happen earlier than the expected time.
Terra Classic Prepares For Upgrade As L1TF Awaits Crucial Google Update
Meanwhile, the Joint L1 Task Force (L1TF), the core developer team behind Terra Classic, is eagerly awaiting an update from Google for its Chrome extension. This update is crucial as certain CosmWasm components will not function properly, potentially affecting the performance of dApps until Google implements the necessary changes.
During the Terra Classic network upgrade, the exchange will temporarily halt LUNC and USTC deposits and withdrawals through the network at 13:00 UTC. However, trading activities will continue as usual, allowing users to trade LUNC and USTC without any interruptions. Once the LUNC Classic network stabilizes post-upgrade, the exchange will reinstate deposits and withdrawals. Notably, other prominent cryptocurrency exchanges like KuCoin are also extending their support for the LUNC Classic network upgrade.
LuncBurnArmy, the project manager of the Joint L1 Task Force, took to Twitter to inform the community about potential issues that dApps might face following the upgrade. Certain wasm components will only function correctly after Google updates its Chrome extension. Meanwhile, the existing versions of Station, the web, and the mobile interface, will operate normally.
Market Anticipation and Price Movement Investors and whales have displayed a surge of optimism, resulting in a 15% increase in LUNC Classic’s value on Tuesday. This surge is largely attributed to expectations of a significant rally post-upgrade, driven by notable improvements and forthcoming plans.
Over the past 24 hours, LUNC’s price has risen by 3%, with the current trading price at $0.000097. During this period, the lowest recorded price was $0.000092, while the highest reached $0.000100. Moreover, the trading volume has witnessed a remarkable 70% surge, indicating a growing interest in LUNC Classic.