Binance cryptocurrency exchange recently announced its support for Terra Luna Classic’s latest upgrade v2.2.1, which is an upgrade proposal submitted by the L1 Terra Classic Task Force (LTF
Binance disclosed support for the Terra Luna Classic network upgrade in an official announcement made on September 12. According to the countdown, the v2.2.1 core upgrade will occur at block height 14514000 on September 12 at 10:15 UTC.
An hour before the upgrade, the crypto exchange will suspend deposits and withdrawals of tokens through the Terra Classic network. During the upgrade, however, spot and margin trading of LUNC and USTC on the Terra Classic (LUNC) network will continue routinely.
“Binance will handle all technical requirements involved for all users. We will reopen deposits and withdrawals of tokens via the Terra Classic network once we deem the upgraded network stable, and we will not notify users in a further announcement.”
As reported, the proposition was supported unanimously by the Terra Luna Classic community, with 99.85% “Yes” votes. There were a total of 50 validators who participated in the governance vote, and 49 of them supported the proposal. Allnodes, Interstellar Lounge, HappyCattyCrypto, Stakely, and 1maxfee support the proposition.
The v2.2.0 core upgrade comprises the cosmos SDK upgrade, the migration of tendermint to CometBFT, the advancement of IBC-go to version 6, and wasmd.
In addition, the upgrade implements critical changes previously approved by governance voting, such as splitting the burn tax to the distribution module.
The prices of Terra Luna Classic and USTC fell by more than 5 percent on Monday due to market-wide selling pressure.
The LUNC price increased 3% from its 24-hour low of $0.0000557 to its current price of $0.000057. Additionally, trading volume has increased by 35% over the past 24 hours. Despite this, the market remains under duress.
Meanwhile, USTC price trades at $0.012, up 3% in the past 24 hours. The 24-hour minimum and maximum values are $0.0118 and $0.0122.