Binance Supports Terra Luna Classic v3.3.0 Upgrade: Will LUNC Price Surge?
Key Highlights:
- Binance confirms support for the Terra Classic (LUNC) v3.3.0 network upgrade.
- The upgrade improves tax handling and enhances utility for developers and projects.
- LUNC and USTC prices remain above key support levels, with potential gains anticipated post-upgrade.
Binance Backs Terra Luna Classic Network Upgrade
Binance, the world’s largest cryptocurrency exchange, announced its support for the Terra Classic v3.3.0 upgrade scheduled for December 17 at 14:02 UTC, occurring at block height 21163600, according to StakeBin data.
The upgrade marks a significant step forward for the Terra Luna Classic ecosystem, focusing on improving tax handling and enhancing network utility to attract developers and projects. Binance, which has been instrumental in LUNC’s revival through its monthly burn mechanism, has committed to suspending LUNC deposits and withdrawals during the upgrade to ensure a smooth transition.
Binance clarified that trading of tokens on the network will not be affected, stating:
“Binance will handle all technical requirements involved for all users.”
Other leading exchanges, including Bybit and OKX, have also announced their support for this crucial upgrade.
Details of Terra Luna Classic v3.3.0 Upgrade
As previously reported by CoinGape, the v3.3.0 upgrade introduces several improvements:
- Automatic Tax Deductions: Taxes will be automatically deducted from transactions before reaching the recipient’s wallet.
- Enhanced Developer Support: Improved utility and security make it easier for developers and decentralized applications (dApps) to build on the network.
The community remains focused on three key pillars for LUNC’s revival:
- LUNC burns to reduce circulating supply.
- USTC repeg initiatives.
- Enhanced network utility.
To date, the community has burned 393.87 billion LUNC, with Binance alone contributing 68.39 billion to this effort. The community has expressed gratitude to Binance for its continued support.
LUNC and USTC Price Analysis
LUNC Price:
- LUNC has dipped 2% in the past 24 hours but holds strong above the $0.00012 support level.
- The price currently stands at $0.0001296, with a 24-hour range of $0.0001278 to $0.0001345.
- Trading volume has decreased by 27%, indicating a temporary decline in trader activity.
Analysts remain optimistic about LUNC’s long-term prospects, noting consistent staking and investor expectations of a potential price surge following the upgrade.
USTC Price:
- USTC has also dropped 2%, trading at $0.02294 within a 24-hour range of $0.02251 to $0.02418.
- However, trading volume has increased by 22%, signaling growing market interest.
With Binance and other major exchanges backing the upgrade, the Terra Luna Classic ecosystem could see renewed momentum, potentially driving LUNC and USTC prices higher in the near future.
