Binance Confirms Support For Terra Classic (LUNC) Upgrade v.1.1.0

The upgrade introduces features aimed at addressing Binance’s concerns about token burns.

Binance announced support for the Terra Classic (LUNC) network upgrade scheduled for Feb. 28 at 22:00 (UTC). The upgrade, featuring v.1.1.0, incorporates modifications to the network that aim to address Binance’s apprehensions regarding token burns.

The upgrade occurred at the Terra Classic block height of 11,734,000. According to an official press release, Binance said it would pause deposits and withdrawals for the LUNC network from Feb. 28 at 21:00 (UTC). This ensures the safety and integrity of users’ funds during the upgrade process.

The exchange noted that deposits and withdrawal services for the network would be restored once they have confirmed that the network is once again stable. Notwithstanding, the development will not impact trading for LUNC and TerraClassicUSD (USTC) on the platform.

(By ALBERT BROWN)

Get the latest news here: Cointime channel — https://t.me/cointime_en

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