Key Points:
Binance announced it would support the Terra Classic v2.0.1 network upgrade and Kava 13 mainnet upgrade.
During the upgrade, the crypto exchange will halt LUNC and USTC deposits and withdrawals on the Terra Classic network.
The trading of LUNC, USTC, and KAVA will not be affected during the network upgrades.
Binance, the world’s biggest cryptocurrency exchange, said on Wednesday that it would support the Terra Classic v2.0.1 network update as well as the Kava 13 mainnet upgrade.
The exchange will support the Terra Classic (LUNC) network update, which is slated for May 17 at 16:45 at block height 12,815,210. The blockchain will be stopped at the block until the update is finished.
Binance will halt LUNC and USTC deposits and withdrawals on the Terra Classic (LUNC) network on May 17 at 13:30 UTC. Today, at 14:30 UTC, deposits and withdrawals for KAVA will likewise be halted.
The Terra Classic blockchain will be upgraded with various improvements, including a minimum starting deposit for governance proposals, an upgrade to Cosmos SDK v0.45.13 and Tendermint v0.34.24, and necessary security upgrades.
Proposal 11511 by the Joint L1 Task Force was formally approved with 99.5% of the vote. Moreover, the proposal has received support from significant validators including as Allnodes, StakeBin, JESUSisLORD, Lunanauts, and SolidVote.
Moreover, Binance will support the Protocol 13 network update, which is planned to occur at block height 4,832,500 on May 17 at 15:00 UTC. From May 17, the exchange will halt KAVA deposits and withdrawals.
The Kava 13 will include architectural enhancements to help developers scale and accelerate their protocols, as well as optimize the user experience throughout the Kava ecosystem. Kava 13’s increased computing power is the result of EVM software changes that allow transactions to be processed faster and concurrently, as well as the inclusion of additional dedicated hosting partners to help defend the network.
During the network improvements, LUNC, USTC, and KAVA trading will remain operational. Once the updated networks are stable, Binance will resume deposits and withdrawals. Several cryptocurrency exchanges, including Gate.io, MEXC Global, and KuCoin, have also announced Terra Classic upgrade support.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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