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

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