The Terra Classic blockchain has smoothly undergone an upgrade to v2.0.1, which has added new features such as minimum initial deposit for governance proposals and mandatory security updates. The upgrade was carried out by key members of the team, including core developer Edward Kim and programmer Fragwuerdig. The successful upgrade has led to a 3% increase in the LUNC price. The next major upgrade, Cosmwasm v1.1.0 upgrade (parity), is scheduled for May 31, which is expected to bring back utility to the Terra Classic network. To stay updated with the latest opportunities in the world of cryptocurrency, check out our updated list of promising options, including Terra Classic, and the best crypto Telegram channels for 2023.

Binance's recent announcement of support for Terra Classic's network upgrade to v2.0.1 has generated excitement and potential for price increase. This positive development, combined with recent price action, has led cryptocurrency expert Javon Marks to predict a significant price surge for LUNC.

Binance, the world's largest cryptocurrency exchange, has announced its support for the Terra Classic v2.0.1 network upgrade and Kava 13 mainnet upgrade. Deposits and withdrawals for LUNC and USTC on the Terra Classic network, as well as KAVA, will be temporarily suspended. The Terra Classic upgrade will bring in new features, such as minimum initial deposit for governance proposals and mandatory security updates.

The Joint L1 Task Force's Proposal for v2.0.1 Upgrade has been approved with overwhelming support from major validators. The upgrade includes important features such as upgraded Cosmos SDK and Tendermint, improved code maintainability, and a minimum initial deposit for governance proposals to prevent spam. However, former core developer Tobias "Zaradar" Anderson has expressed doubts about its success and suggests the nuclear option for the WASM module may be the easiest path. The Terra Classic blockchain will stop at block 12,812,900 on May 17, followed by the Cosmwasm 1.1.0 Parity upgrade on May 31 to enable projects and builders across Cosmos and Terra Luna 2.0 to build on the Terra Classic chain. The LUNC burn rate has increased due to a new project burning billions of tokens in just a week, leading to a drop in LUNC price below $0.000010. The price of Terra Classic is currently unknown and there are no associated tags.

Investors are increasingly confident in the long-term potential of Terra Classic (LUNC), as over 900 billion tokens are now locked up through staking contracts. This represents a significant increase from the previous high of 700 billion tokens in January 2023 and is a testament to the growing confidence in the coin's future.

Former Terra Classic L1 team member, Tobias Andersen, has warned that LUNC could hit its all-time low if Bitcoin (BTC) drops to $22,500 due to selling pressure. Andersen, also a senior software developer, made the statement on Twitter, highlighting concerns about BTC's current price movements.

Terra Classic (LUNC) has been experiencing increases in its value as anticipation grows for a major upgrade that would bring technological parity with LUNA 2.0. The L1 Joint Task Force, the Terra Classic core developer group, has upgraded its rebel-2 testnet to version 2.0.0 with Cosmos SDK v0.45 to enhance functionality and support the transition of the Terra Classic mainnet upgrade. The blockchain developer team's project manager, LuncBurnArmy, has submitted a proposal for the Terra Classic core mainnet upgrade to version 2.0.0, which is set to go live on May 17 and would allow building decentralized applications on the LUNC blockchain. The current price of Terra Classic stands at $0.00009014, showing signs of a possible retaking of the psychologically important $0.0001 level.

Bitcoin miners have received a boost in profits after the scheduled difficulty level adjustment resulted in a positive balance, which is the first time since February that the difficulty has decreased.

Terraport, the first decentralized finance exchange developed on the Terra Classic layer-2 network, may be revived as the project promises to return stolen LUNC funds secured off-chain. The hack resulted in the theft of about 15.1 billion LUNC, causing the promising DeFi project to halt operations. TerraCVita, the independent group of developers who developed the layer-2 project, submitted that Terraport would be back up, with recovery of stolen funds playing a major role. Top exchanges including Binance, KuCoin, MEXC, Gate.io, and Simpleswap have frozen funds moved out of Terraport liquidity pools by the hacker. Simpleswap is the first exchange to assure the return of all tokens it froze, with 55% of the hacked funds frozen. TerraCVita thanked Simpleswap and stated that the news could help clear the negative energy in the project community. Binance noted that none of the stolen tokens were moved to its exchange.

The latest Terra Classic (LUNC) burn from Binance demonstrates the exchange’s commitment to the initiative and represents its burn for fees collected in April.