Binance announces support for the much-awaited Terra Classic v2.1.0 upgrade seeking to bring LUNC to parity with Luna 2.0 and Cosmos.
Binance recently disclosed that it will support the Terra Classic (LUNC) upgrade to v2.1.0. The highly-anticipated upgrade, which is set to go live today, represents one of the most important LUNC updates since the ecosystem implosion, as it aims to bring Terra Classic to parity with the Luna 2.0 and Cosmos blockchains.
Binance announced its support for the network upgrade in a press release today. The exchange noted that the upgrade is expected to occur at the Terra Classic block height of 13,215,800. The timing for this block height is approximately 14:00 (UTC) today, but this is liable to change.
As a result, Binance revealed that it would suspend deposits and withdrawals on the Terra Classic network at 13:00 (UTC) today. This suspension is necessary to ensure that market participants do not face issues pertaining to deposits or withdrawals as a result of the instability of the network during the upgrade.
The exchange further confirmed that the suspension will not affect internal trades for tokens on the Terra Classic network. Users can continue with their spot and futures positions as usual. Binance will lift the suspension on deposits and withdrawals once they have ascertained that the network is stable enough after the upgrade. They will announce this in another statement.
The Terra Classic v2.1.0 Upgrade
The v2.1.0 upgrade is an integral aspect of the ultimate Terra Classic revitalization plan. Its significance is due to the fact that it will eventually bring LUNC to parity with the Cosmos network and the Luna 2.0 blockchain. This development will introduce more utility to Terra Classic by allowing builders from those chains to bring their projects to LUNC.
The upgrade is coming up after the passing of Proposal 11561 which sought community consensus on implementing it. LuncBurnArmy (LBA), the project manager of the L1 Joint Task Force (L1JTF), submitted the proposal eight days ago.
The upgrade, which was initially set for May 31, was pushed back to June 14 to allow the L1JTF to make further tests. The postponement would also allow the team to include a feature to limit minimum validator commission to 5%. On May 31, the L1 Team successfully upgraded the rebel-2 testnet to v2.1.0. This signaled that the upgrade is without issues and a mainnet update was next in line.