Binance, the world’s largest cryptocurrency exchange, announced its support for the Terra Luna Classic (LUNC) network’s vital v3.3.0 upgrade. The upgrade is scheduled to take place at block height 21163600 at 14:02 UTC, marking a significant development for the Terra Classic community and ecosystem.
Binance’s Role in Terra Luna Classic’s Revival
The exchange has been a strong supporter of the Terra Luna Classic (LUNC) revival, assisting in the USTC repeg and implementing a monthly LUNC burn mechanism. This move has been crucial in helping the Terra Luna Classic community reduce its circulating supply and boost the overall value of the token. As part of its support for the v3.3.0 upgrade, Binance will temporarily suspend LUNC token deposits and withdrawals on the network, ensuring minimal disruption and an optimal user experience during the upgrade.
Other major crypto exchanges, including Bybit and OKX, have also pledged support for the Terra Classic network’s critical upgrade. This collective backing signals a positive outlook for the LUNC ecosystem’s development, highlighting its growing support within the global crypto community.
Details of the v3.3.0 Upgrade
The Terra Luna Classic v3.3.0 upgrade introduces several key improvements aimed at enhancing both security and utility for developers and decentralized applications (dApps). One of the most significant changes is the automatic tax deduction feature, which simplifies tax handling by deducting taxes from amounts before they reach the recipient’s wallet. This upgrade also aims to make the network more developer-friendly, attracting new projects and further boosting its utility.
Furthermore, LUNC’s community has been focused on token burns and the USTC repeg as part of its efforts to revive the ecosystem. To date, over 393.87 billion LUNC tokens have been burned, with Binance contributing 68.39 billion LUNC tokens to the effort.
BREAKING: @binance announces support for the $LUNC v.3.3.0 upgrade.
— Mr. Diamondhandz1💎 (@MrDiamondhandz1) December 17, 2024
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.
BUIDL! 🛠️💎🤲🏻 #Crypto pic.twitter.com/8rDCDfFzHf
LUNC and USTC Price Performance
As of the latest data, LUNC is trading at $0.0001296, down 2% over the past 24 hours. The price has remained above the crucial support level of $0.00012, indicating that long-term sentiment for the token is still positive. While trading volume has decreased by 27% in the last 24 hours, analysts suggest that the recent dip could indicate a potential price pump, with staking activity remaining steady.
Similarly, USTC saw a 2% decrease in price, trading at $0.02294. However, its trading volume surged by 22% in the past 24 hours, signaling an increase in interest from investors.
Also Read: Moca Network (MOCA) Soars 160% After Binance Listing, Sparking Market Optimism and Future Growth
With the Terra Luna Classic ecosystem undergoing crucial upgrades, the community remains hopeful for a brighter future as the network attracts more developers and projects.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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