Crypto exchange Binance has announced that it will be supporting the network upgrade of Terra Classic (LUNC). The exchange has also provided information on what LUNC users should expect during and after the period of the upgrade.
Binance Will Implement New Terra Classic (LUNC) Upgrade
In the announcement that was made on Friday, Binance revealed that it would be supporting the Terra Classic (LUNC) network upgrade. The upgrade which will be taking place on epoch 15,029 is a result of the LUNC community voting to pass Proposal 11242 which eliminates the re-minting of a portion of the burn tokens.
The upgrade is expected to take approximately three hours and during this time, deposits and withdrawals will be disabled on the Binance exchange. This will affect USTC, LUNC, and ANC for the duration of the upgrade. However, users will still be able to trade the cryptocurrencies as normal on the exchange.
When the upgrade is done, deposits and withdrawals for LUNC, USTC, and ANC will automatically be re-opened, but Binance will not make an announcement on this. So users should just check to see if their deposits and withdrawals are working again.
Furthermore, the upgrade could have an impact on transaction fees for LUNC, USTC, and ANC. “Binance will review and adjust the withdrawal fees for LUNC, USTC, and ANC via the Terra Classic (LUNC) network in accordance with market conditions, where applicable,” the exchange said.
LUNC price is already responding positively to the Binance announcement. The digital asset is currently trading in the green at a price of $0.000176. Its price is up 6.87% in the last 24 hours and seeing gains of 17.03% in the last week, according to data from Coinmarketcap.