Popular crypto exchange Binance has announced that it will help Terra Classic (LUNC) with its approaching upgrade of its network.
Terra Classic or LUNC is a proposal derived from Terra’s ecosystem going bust. LUNC planned an important upgrade on the 14th of January and Binance has just confirmed that it will support it.
The improvement came after the community behind LUNC voted to pass a proposal to get rid of re-minting burnt LUNC. A proportion of these tokens are now safe from being burned. The upgrade will occur at 04:50 UTC, this Saturday.
By burning a token, crypto is sent to an address which isn’t owned by a user. Basically, this would remove a coin from circulation, theoretically bringing a benefit to the token’s price action. Over half of LUNC’s total trading volume takes place on Binance, the cryptocurrency exchange backing the LUNC community with monthly burns. The crypto exchange stated that the upgrade process should last about three hours.
During the upgrade, Binance announced that it will deactivate withdrawals and deposits for ANC, USTC, and LUNC. On the other hand, the ability to trade won’t be hindered. Binance’s backing allowed LUNC’s price to spike.
