- Post the successful upgrade, LUNC price jumped 8% in the last 24 hours.
- At block height 13215800, the Terra Classic network was successfully upgraded.
Binance, the largest cryptocurrency exchange in the world, said on Wednesday that it would support the major v2.1.1 update to the Terra Classic (LUNC) network after its users voted in favor of Proposal 11561. It will make the blockchain competitive with other Cosmos chains like Terra 2.0. As a result, teams may once again start developing and releasing dApps on the Terra Classic chain.
Some CosmWasm components will not work and influence dApps until Google deploys their upgrade, hence the Joint L1 Task Force (L1TF) is waiting for Google to update the Chrome extension.
LUNC Price Jumps
On June 14th, Binance made it known that they will be supporting the v2.1.1 update for Terra Classic. At block height 13215800, the Terra Classic network was successfully upgraded, today at 13:57 UTC.
At 13:00 UTC, Binance will stop accepting Terra Classic (LUNC) network deposits and withdrawals for LUNC and USTC. Users will still be able to trade LUNC and USTC normally throughout the network update.
Once the Terra Classic network has stabilized following the update, the cryptocurrency exchange will begin accepting deposits and withdrawals. The Terra Classic network update has the backing of other cryptocurrency exchanges including KuCoin.
On Twitter, the project manager for the Joint L1 Task Force, @LuncBurnArmy, broke the news that the upgrade may cause problems for dApps since some parts of wasm will only work after Google updates its Chrome extension. The current online and mobile versions of Station will also keep functioning regularly.
The stock price of Terra Classic soared by 15% on Tuesday as investors and whales speculated that the stock would see a massive rise after the upgrade. Post the successful upgrade, LUNC price jumped 8% in the last 24 hours.
