Binance has declared support for the upcoming Terra Classic (LUNC) upgrade to v2.2.1 amid sustained plans within the community to push TerraClassicUSD (USTC) to $1.
The exchange announced its support in an official press release today. Notably, the upgrade is set to occur at the block height of 14,514,000, with a scheduled time of approximately 14:15 (UTC) today.
During this transition, Binance will temporarily suspend all deposits and withdrawals through the Terra Classic network. This on-chain activity suspension will start at 13:15 (UTC) today.
The platform emphasized that this upgrade will not disrupt the trading of tokens available on the Terra Classic (LUNC) network.
Binance has assured users they will handle all technical requirements to ensure a smooth transition. Once the upgraded network stabilizes, they will promptly reopen deposits and withdrawals via Terra Classic without additional notifications.
This significant upgrade comes as a result of community support. A proposal for the upgrade was initially introduced on September 4 and has since garnered widespread consensus.
The L1 Task Force project manager Vinh detailed the upgrade’s specifics in a note shared on Commonwealth on August 29. The upcoming software governance proposal for release v2.2.0 encompasses various critical enhancements.
These enhancements include upgrades to the Cosmos SDK, tendermint, and Inter-Blockchain Communication (IBC) protocol. The upgrade will also restructure burn tax to the distribution model and introduce support for WASM stargate to facilitate contract queries to Terra Classic.
Additionally, the upgrade contains improvements in the Terra Classic codebase. Some notable changes include adopting the fork structure of Osmosis for easier fork management, integrating Mergify, and implementing test scripts for the migration of tokens.
USTC Quant Team Pushes on
Meanwhile, the USTC Quant Team has been actively advocating for USTC repeg initiatives, especially in light of the recent LUNC upgrades.
Alex, a LUNC community member, recently highlighted the idea of a reverse split as a potential avenue to re-peg the stablecoin, underlining the dynamic and forward-thinking nature of the Terra Classic (LUNC) community.
The Quant Team has continued to push for the exploration of several avenues with the ultimate goal of re-pegging USTC to the dollar.