Crypto Analyzer

Binance Announces Support for Upcoming Terra Classic ($LUNC) Network Upgrade

Binance, one the most popular cryptocurrency exchanges in the world, announced it will be supporting the Terra Classic (LUNC), network upgrade. The Terra Classic network will be upgraded on January 14th. It will bring several new features to the network, including enhanced security and scalability.

Binance has announced that it will temporarily suspend LUNC withdrawals and deposits during the upgrade period. This is expected to last several hours. Trading of LUNC will not be affected.

Terra Classic is a network that is decentralized and is based upon the Tendermint consensus algorithms. It aims to facilitate fast, low-cost and secure transactions. A number of improvements will be made to the network with the upcoming upgrade, including an increase to the maximum block size (from 10MB to 20MB), which will allow more transactions to processed per second.

A new smart contract feature will be introduced in the upgrade, which will enable developers to create decentralized apps (dApps), on Terra Classic network. This will allow LUNC to be used in a wider variety of applications, such as games and decentralized finance (DeFi).

Binance’s support to Terra Classic’s network upgrades is a positive step for the project. This shows the exchange’s commitment towards supporting the growth and development the LUNC community. LUNC holders, as well as users, can look forward to a more robust and user-friendly network.

Binance’s support for Terra Classic’s network upgrade is a great news story for the LUNC community. It’s a testimony of the robustness, potential and strength of Terra Classic’s network. Users can expect an increase in security, scalability and functionality due to the upgrade.