Binance has announced its support for the upcoming Terra Classic (LUNC) network upgrade, scheduled to occur at block height 19,850,000, which is expected to take place around 12:15 (UK) today. In preparation for this, Binance will temporarily suspend deposits and withdrawals on the Terra Classic network starting at 11:15 (UK) today.
Trading Will Continue Unaffected
Despite the temporary halt on deposits and withdrawals, trading on the Terra Classic network will remain unaffected during the upgrade period. Binance assured users that they can continue trading without any disruptions throughout the process.
Binance emphasized that it will handle all the technical requirements associated with the upgrade, allowing users to focus solely on their trading activities without the need for any additional actions.
Purpose of the Terra Classic Upgrade
This planned network upgrade is part of ongoing efforts to improve Terra Classic’s blockchain performance and security. In the crypto space, network upgrades are typically implemented to introduce new features, enhance security, or fix issues present in earlier versions. For blockchain users and investors, these upgrades are often seen as positive moves that can enhance the network’s overall functionality and reliability.
Binance’s decision to support the upgrade reflects its commitment to providing a smooth user experience. The exchange will handle all technical aspects, ensuring that users won’t need to manually update anything. Once the network upgrade is completed and the blockchain is stable, Binance will reopen deposits and withdrawals for the affected coins without issuing a separate announcement.
Ensuring User Funds Remain Safe
Binance has reassured users holding Terra Classic coins on its platform that their funds will remain safe during the upgrade process. The temporary suspension of deposits and withdrawals is a precautionary measure to ensure no transactions are interrupted during the upgrade.
With Binance supporting the Terra Classic network upgrade, users can expect a smooth and secure transition. The upgrade aims to improve the network’s security and performance, further enhancing the blockchain’s reliability. As always, Binance encourages users to stay informed and follow official channels for any further updates.
Terra Classic upgrade, Binance announcement, blockchain security, network improvement, Terra Classic trading
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