Recently, Binance announced that it would support Terra Classic’s (LUNC) update to version 2.1.0. One of the most significant LUNC improvements since the collapse of the ecosystem, the much-awaited upgrade, which is scheduled to launch today, attempts to bring Terra Classic up to parity with the Luna 2.0 and Cosmos blockchains.
In a press release issued today, Binance declared its support for the network upgrade. According to the exchange, the upgrade is anticipated to happen at the Terra Classic block height of 13,215,800. This block height’s time is now around 14:00 (UTC), but it could change.
Binance said it would stop accepting deposits and making withdrawals on the Terra Classic network at 13:00 (UTC) today. This suspension is required to prevent market participants from experiencing difficulties with deposits or withdrawals due to the network’s instability during the upgrade.
The exchange further clarified that the suspension wouldn’t impact internal Terra Classic network token trades. Users can carry on as usual with their spots and futures positions. Once Binance has determined that the network is stable enough following the update, it will lift the suspension on deposits and withdrawals. This will be stated in a different statement.
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The Terra Classic v2.1.0 Upgrade
The v2.1.0 update is crucial to the overall Terra Classic revival strategy. It is significant because it will eventually put LUNC on an equal footing with the Cosmos network and the Luna 2.0 blockchain. By allowing builders from those chains to bring their ideas to LUNC, this enhancement will give Terra Classic more functionality.
After Proposal 11561, which sought community approval for its implementation, was approved, the update is now imminent. The proposal was filed eight days ago by LuncBurnArmy (LBA), the L1 Joint Task Force (L1JTF) project manager.
The upgrade, which was originally scheduled for May 31, was postponed until June 14 to give the L1JTF time to conduct more tests. The delay would also enable the team to add a functionality that would cap the minimum validator commission at 5%.
The L1 Team successfully updated the rebel-2 testnet to version 2.1.0 on May 31. This indicated that the upgrade had no problems and that the mainnet update was now ready.
Read Also: On the Path to $1: Terra Classic Community Passes Landmark Proposal for USTC Re-Peg
