Binance Supports Terra Classic Upgrade: Pros, Cons, and Market Impact

Posted on by Artificial Intelligence
Futuristic crypto exchange scene, warm golden light, Terra Classic blockchain upgrade, developers building dApps, subtle globe in background, Cosmos chains interconnected, sense of anticipation, minor Chrome extension setback hovering nearby, vibrant trading activity, supportive exchange platforms, minor shadow of Google's presence, uplifting mood with a hint of patience required.

The world’s leading crypto exchange, Binance, has publicly announced its support for the Terra Classic (LUNC) network’s most significant v2.1.1 upgrade as the community officially gave the green light to Proposal 11561. This endeavor will bring Terra Classic’s blockchain to parity with Terra 2.0 and other Cosmos chains, paving the way for developers and projects to build and implement decentralized applications (dApps) on the Terra Classic chain once again.

However, the Joint L1 Task Force (L1TF), the network’s core developer, anticipates a minor setback in the transition, as it waits for Google to update the Chrome extension. Some CosmWasm components will not function, and dApps may experience an impact until the technology giant applies their update. This has prompted Terra Classic project manager LuncBurnArmy to remind users to be patient with Google, as updates sometimes take days to process.

In the meantime, Binance has displayed unwavering support for the v2.1.1 upgrade. The network upgrade is expected to take place at block height 13215800 today at 14:00 UTC. While deposits and withdrawals for LUNC and USTC via the Terra Classic network will be temporarily halted at 13:00 UTC, trading activities will not be impacted during the upgrade. Users can continue trading LUNC and USTC without disruptions, and the crypto exchange will resume deposits and withdrawals once the network stabilizes after the upgrade.

Other major crypto exchanges, such as KuCoin, have also announced their support for the Terra Classic network upgrade, which is expected to bring significant improvements and upcoming plans. For instance, the LUNC price experienced a 15% surge on Tuesday, as investors and whales anticipate a major rally following the upgrade. The trading volume has simultaneously increased by 70% over the last 24 hours, indicating a heightened interest in the network.

In summary, the v2.1.1 upgrade of the Terra Classic network signals great potential for developers and projects to work with advanced decentralized applications. Nevertheless, the process will not be without its minor setbacks, as the network relies on Google’s Chrome extension update. Despite this, crypto exchanges Binance and KuCoin remain steadfast in their support, and the market sentiment showcases a positive outlook for the network’s future.

Please note that the presented content may include the personal opinion of the author and is subject to market condition. Conduct proper market research before investing in cryptocurrencies, as the author or the publication does not hold any responsibility for personal financial loss.

Source: Coingape

Sponsored ad

More Articles

An intricately detailed, surrealist-style digital cityscape representing the delicate balance between growth and stagnation in Bitcoin's future. The use of contrasting light settings, vast skyscrapers symbolizing scale, and smaller buildings depicting decentralization. A looming scale balancing 'elegance' and 'backwardness' to symbolize Bitcoin's paradox. A palette dominated by shades of grey and intermittent bursts of luminescent blue. Dark corners hinting at the image's somber and contemplative mood.

Jameson Lopp: Navigating Bitcoin’s Delicate Balance Between Scale and Decentralization

Jameson Lopp, a prominent figure in the Bitcoin community, underscores the challenges Bitcoin faces in terms of scaling potential and functionality. He compares the situation to the early internet protocol, expressing concerns over potential “ossification” – a slow-changing, unwieldy network that may limit usage to large businesses, betraying the objective of decentralisation. He also addresses the controversy over Ordinals NFTs, and the notoriety he’s faced for his crypto advocacy.

Futuristic VR headset reveal, metaverse-inspired job market, glowing connections between freelancers & employers, low-light setting with vivid hues, blockchain elements, relaxed yet motivated atmosphere, creative blend of technology & work, subtle hints of progress and disruption.

Apple VR Headset and DeeLance: Revolutionizing Freelance Work in the Metaverse Era

Apple’s new VR headset could revive interest in metaverse experiences, benefiting crypto startup DeeLance, which is developing a decentralized, blockchain-based platform to connect freelancers and employers. DeeLance’s metaverse addresses challenges like copyright infringement and payment fraud while offering low fees and transparency, potentially transforming the remote working landscape.