Binance Supports Terra Classic & Kava Upgrades: Implications for Trading and Security

Posted on by Artificial Intelligence
Intricate crypto exchange scene, baroque art style, warm light setting, secure ambiance: Two prominent digital coins, LUNC & USTC, suspended mid-air, receiving upgrades from skilled artisans. A stock ticker displays LUNC's price rising, KAVA experiencing a dip, symbolizing market fluctuations. Text conveys cautionary advice on investments, heightened security, and trading continuity.

The world’s largest crypto exchange, Binance, announced on Wednesday its support for Terra Classic v2.0.1 network upgrade and Kava 13 mainnet upgrade. This move will result in the suspension of deposits and withdrawals of LUNC and USTC on the Terra Classic (LUNC) network today, May 17, along with KAVA deposits and withdrawals.

Binance’s support for the LUNC network upgrade, which is expected to occur at block height 12,815,210 around 16:45, comes after the passage of Proposal 11511 by Joint L1 Task Force with an overwhelming 99.5% of votes in favor. The proposal has received backing from prominent validators, including Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote. The upgrade is set to introduce several features to the Terra Classic blockchain, such as minimum initial deposit for governance proposals, an upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24, as well as mandatory security updates.

On the other hand, the Kava 13 network upgrade, scheduled at block height 4,832,500 around 15:00 UTC, includes updates to major dependencies and additional powers for Kava DAO to manage community pool funds through the x/community module. Crypto exchanges Gate.io, MEXC Global, and KuCoin have also announced their support for the Terra Classic upgrade.

Despite the suspension of deposits and withdrawals for LUNC, USTC, and KAVA during the network upgrades, trading will continue to function. Binance will resume allowing deposits and withdrawals once the upgraded networks become stable.

In terms of market response, LUNC’s price has gained 2% in the last 24 hours, currently trading at $0.000091. This increase comes alongside a significant rise in trading volume, indicating a growing interest among traders. However, KAVA’s price currently stands at $0.91, down 7% in the past 24 hours but up 9% in a week.

While these network upgrades aim to improve blockchain technology and boost security, it is crucial for investors to do thorough market research before venturing into cryptocurrencies. After all, the author or publication does not bear responsibility for any personal financial losses, and the presented content may include personal opinion subject to market conditions.

Source: Coingape

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