• Binance will support the Terra Classic (LUNC) V2.0.1 network upgrade, halting deposits and withdrawals of LUNC and USTC on May 17th.
• LUNC price has surged more than 5% following the news of the upgrade.
• The upgrade includes features such as an upgraded Cosmos SDK and Tendermint, enhanced code maintainability, and a minimum initial deposit for governance proposals that will prevent spam.
Binance to Support Terra Classic Major Upgrade
Binance, the world’s largest cryptocurrency exchange, announced its support for the “Terra Classic (LUNC) V2.0.1” network upgrade scheduled on May 17th at 14:03 (UTC). The exchange will halt deposits and withdrawals of LUNC and USTC during this period. Following this news, Terra Classic (LUNC) prices rose over 5%.
The upgrade features an upgraded Cosmos SDK and Tendermint, enhanced code maintainability, as well as a minimum initial deposit for governance proposals that will prevent spam. Additionally, it was followed by the Cosmwasm 1.1.0 Parity upgrade which enables projects across Cosmos and Terra (LUNA) to build on the Terra Classic chain.
Impact on Price
Since Terra’s (LUNA) collapse, many people are still attracted to Terra 2.0 as it recorded 99.5% of votes in favor of its proposal. As a result of this major upgrade to the LUNC blockchain, Terra Classic appears on the top gainer list with a more than 5% price surge from $0.00008877 to $0.00009328 according to CoinMarketCap data at time of writing.. Cryptocurrency experts believe that this new development may bring significant changes to both its network and price performance in future days ahead or even weeks or months after implementation is completed..
Binance Also Supports KAVA 13 Network Upgrade
In addition to supporting the major upgrade for LUNC blockchain mentioned above, Binance also supports KAVA 13 network upgrade scheduled for May 17th at 15:00(UTC). This requires halting all KAVA deposits & withdrawals during this time frame too .
The major upgrades made by Binance are expected to impact the overall performance of both LUNC & KAVA networks positively while providing better security & scalability features compared with their previous versions . It is likely that these updates may have an impact in their respective prices in near future too , although no exact predictions can be made at present moment .