Binance Announces Support For Upcoming Terra Classic (LUNC) Upgrade

• At block height 11,543,150, the Terra Classic (LUNC) network will be upgraded.
• The change to the network will not affect the trading of Terra Classic (LUNC) tokens.

On Monday, Binance, the biggest cryptocurrency exchange in the world, said that it will be supporting the Terra Classic (LUNC) upgrade. At block height 11,543,150, the Terra Classic (LUNC) network will be upgraded, likely on February 14th.

Proposal 11310 is a part of the Joint L1 Task Force development group. Led by Professor Edward Kim that aims to improve the chain from version 1.0.4 to version 1.0.5.

Binance will accept the Terra Classic (LUNC) blockchain upgrade from version 1.0.4 to version 1.0.5. At the block height of 11,543,150, as per the official statement made on February 6. As of right now, the block height is 11,416,500, thus the target date is February 14.

Not Affect Trading of LUNC Tokens

Deposits and withdrawals of LUNC tokens on Binance will be halted at the height of 11,541,520 on the Terra Classic blockchain. Once the Terra Classic network is stable following the update, users will be able to make deposits and withdrawals again.

Notably, the change to the network will not affect the trading of Terra Classic (LUNC) tokens. Binance guarantees that any technical needs of Binance users who have LUNC will be taken care of.

Recently, the community voted in favor of Proposal 11310, submitted by Edward Kim, a core developer, to update the blockchain to version 1.0.5. Estimating transaction fees (gas and burn tax) and upgrading the chain in the future will be much less of a hassle.

The interesting Binance LUNC burn process will be reinstated. In order to keep burning LUNC beyond March, developers will be able to implement the improvements required by Binance thanks to the update.

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