Digital asset exchange Binance has supported a major Terra Luna Classic upgrade on its platform. Recently, Terra has rolled out new updates as the community tries to revive the ecosystem after the infamous implosion in 2022 that saw huge losses. The new V3.3.0 upgrade seeks to attract developers to the network and restructures tax handling.
Binance Backs Upgrade
In a new announcement to its community, Binance noted that it will suspend deposits and withdrawals to support a smooth user experience during the network’s upgrade. Within the specified time, Binance will handle all technical issues for its users, stressing that trading on the network will continue smoothly.
Following the upgrade, transactions (withdrawals and deposits) will restart when the network is deemed stable. The crypto community lauded Binance for supporting the ecosystem, with users calling for more collaboration.
“BREAKING: @binance announces support for the $LUNC v.3.3.0 upgrade. This upgrade simplifies tax handling by automatically deducting tax from the amount sent before it reaches the recipient’s wallet, and makes it easier for developers to deploy on #LUNC,” @mrdiamondhandz noted on X.
The upgrade will tax handling and security on the network and onboard developers from the wider ecosystem to build on the network. The new system eliminates barriers and enhances its utility among users. A dominant majority of the community supported Terra’s new upgrade.
“The chain will be halted at block height 21163600 which will approximately be processed on Dec 17, 2024, 12:57:47 UTC. The actual halt time is an early estimate, can vary, and depends on the chain’s block speed until the specified height is reached. Upon passing of this proposal, an automatic chain halt will be scheduled at the specified height,” the developers added on GitHub.
Impact on LUNC Price
Network upgrades often create a buzz around the community, with the platform’s token picking up gains. However, this was not the case for LUNC, as the asset recorded sharp outflows, hitting 4% in the last 24 hours. Although weekly numbers are still in the green zone, short-term movements remain underwater due to low volumes.
While bulls anticipate a price uptick, most analysts suggest sideways trading for now as it moves against the general market. Bitcoin smashed a new all-time high above $107K, pushing the total crypto market cap above $3.73 trillion.