TL;DR
- Binance’s Support: The world’s largest cryptocurrency exchange confirmed it will support the upgrade. They will temporarily suspend deposits and withdrawals.
- Key Date and Time: The upgrade will be on October 20th, at 5:45 PM, once a specific block height is reached.
- Uninterrupted Trading: Spot and futures trading operations will not be affected, despite the pause on withdrawals and deposits.
The Terra Classic (LUNC) community is preparing for a significant technical event, as the blockchain is set to undergo a major network upgrade. In a move that instills confidence in the ecosystem, Binance, the leading global cryptocurrency exchange, has officially announced its support for this transition, ensuring a smooth and seamless technical management for its users.
Pause Without Affecting Operations
To facilitate the Terra Classic network upgrade, Binance will temporarily suspend LUNC deposits and withdrawals. This preventive measure will begin shortly before the upgrade, scheduled for October 20th, once the network reaches block height 25,619,230. Maintenance on the Binance platform is estimated to start around 4:45 PM, with the upgrade implementation approximately one hour later.
It is worth noting that while transfers to and from the exchange will be paused, trading activities will not stop. Binance has confirmed that both the spot and futures markets for LUNC will remain operational without interruption, allowing traders to continue managing their positions during the process. Once the Binance team verifies that the upgraded network is stable and secure, deposit and withdrawal services will resume automatically, without the need for a further announcement.
This support from Binance is a vital step for the Terra Classic network upgrade, as it ensures that the large user base operating on the platform will not be negatively affected. The move demonstrates a continued commitment to the project and its community, providing the necessary infrastructure and support for the network to evolve and improve its performance and security in the long term.
