Binance, the leading digital asset exchange, has announced its support for a significant Terra Luna Classic (LUNC) upgrade, aimed at revitalizing the ecosystem after its infamous collapse in 2022, which caused massive losses. The new V3.3.0 upgrade introduces features to simplify tax handling and attract developers to the network. According to Binance, the upgrade will improve the ecosystem’s utility by automatically deducting taxes from transactions before they reach recipients’ wallets, thus enhancing user experience and security. Additionally, the upgrade seeks to reduce barriers for developers, encouraging wider adoption and deployment on the network.
To ensure a seamless transition, Binance temporarily suspended deposits and withdrawals during the upgrade, although trading on the platform remained uninterrupted. The network’s operations resumed once stability was confirmed. This support from Binance was met with praise from the crypto community, with users applauding its role in bolstering the LUNC ecosystem. One community member, @mrdiamondhandz, highlighted on X: “BREAKING: @binance announces support for the $LUNC v.3.3.0 upgrade. This upgrade simplifies tax handling… and makes it easier for developers to deploy on
The upgrade took effect at block height 21163600, estimated to occur on December 17, 2024, at 12:57:47 UTC. Developers noted on GitHub that the chain would halt at this block height, although the timing was subject to variations due to block speed.
Despite the positive developments, the impact on LUNC’s price was muted. While such network upgrades often generate bullish momentum, LUNC saw a 4% decline in the last 24 hours due to low trading volumes. Weekly performance remained positive, but short-term movements stayed bearish. Analysts predict sideways trading for LUNC in the near term, as it struggles against broader market trends. Meanwhile, Bitcoin reached a new all-time high above $107,000, pushing the total cryptocurrency market cap to $3.73 trillion, overshadowing LUNC’s muted performance.
