• Binance has revealed that it would be supporting the Terra Classic (LUNC) network upgrade on January 14. 
• Terra Classic is up by 5.94% in the last 24 hours with a live market cap of $ 1,032,488,914 USD.

The largest crypto exchange, Binance, announced on Friday that it will support the network upgrade of Terra Classic (LUNC) that will launch on January 14, 2023. The upgrade will be taking place on epoch 15,029 as a result of the LUNC community voting to pass Proposal 11242 which eliminates the re-minting of a portion of the burn tokens.

The upgrade is expected to take approximately 3 hours, during which time withdrawals and deposits will be suspended in the China-based exchange. However, users who are planning to trade are not affected. The coins affected are Terra Classic (LUNC), Terra ClassicUSD (USTC), and the Anchor Token (ANC).

Immediately after the upgrade, deposits and withdrawals will be made possible. However, customers are advised to double-check if deposits and withdrawals are taking place successfully. The upgrade is expected to have an impact on the transaction fees of ANC, LUNC, and USTC, and the withdrawal fees may be re-evaluated depending on the market conditions.

The upgrade is a result of the crypto community voting to pass the governance proposal 11242 to eliminate the re-minting of the burnt LUNC tokens. The proposal attracted over 66% of the network’s votes with 96% voting in favor of it. Terra Classic is a project that was born out of the collapse of Terra and its sister token Luna.

Burning tokens is when customers remove tokens from circulation, reducing the cryptocurrency’s amount of supply. Sending the tokens to an account that isn’t controlled by any user, theoretically, could have a positive impact on the price action.

Terra Classic

The collapse of the Terra ecosystem prompted the company to change the name of the former Terra chain to Terra Classic (LUNC). Founder of the #40 ranked coin Do Kwon was arrested in September last year.

After the arrest, Terra Classic (LUNC), the network’s native token, fell more than 25%. The live price today is $0.0001723 with a 24-hour trading volume of $179,655,177 USD. Terra Classic is up by 5.94% in the last 24 hours with a live market cap of $ 1,032,488,914 USD.

In a most recent update, Do Kwon was charged with fraud and breaches of capital markets law after the token’s $ 40 billion implosion hit the wider crypto market. Interpol issued an international warrant of arrest for the 31-year-old. Mr. Kwon has previously denied that he is in hiding and failed to reveal his location.