Binance Announces Support for Major Terra Luna Classic Upgrade
17.12.2024 13:30 1 min. read Alexander Zdravkov
Binance, the largest global crypto exchange, announced its support for the upcoming upgrade to the Terra Luna Classic (LUNC) network.
Scheduled for December 17, the v3.3.0 update is a critical step for the blockchain’s tax management and aims to boost its utility by attracting developers and new projects.
The exchange confirmed that the upgrade will occur at block height 21163600, around 14:02 UTC. In preparation, Binance will temporarily suspend deposits and withdrawals for LUNC tokens to ensure a seamless transition. However, trading of LUNC will not be affected during this period, as Binance will handle all necessary technical aspects.
Binance has been a key supporter of the Terra Luna Classic revival, previously implementing a monthly LUNC burn mechanism to reduce the circulating supply. Other major exchanges, including Bybit and OKX, have also pledged their support for this vital network upgrade.
The v3.3.0 update brings several important features, including automatic tax deductions for transactions, which simplifies tax handling. Additionally, the upgrade enhances network security and improves the overall utility of the platform, making it more accessible for developers and decentralized applications (dApps).
This update is part of the broader effort to revitalize Terra Luna Classic, including the burning of LUNC tokens and the potential repeg of the USTC stablecoin. The community has already burned over 393 billion LUNC, with Binance contributing 68 billion.
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