Cryptocurrency exchange Binance has announced its support for the upcoming network upgrade of Terra Classic, identified by the block height of 19,850,000, and is scheduled to commence at approximately 14:15 local time. In preparation for this upgrade, Binance will halt all coin deposits and withdrawals on the Terra Classic network starting at 13:15 on the same day. This temporary pause aims to facilitate a smooth transition during the upgrade process.
How Will Trading Activities Be Affected?
Binance confirmed that trading on the Terra Classic network will remain uninterrupted throughout the upgrade. Users can continue their trading activities without any disturbances, as Binance commits to handling all technical requirements associated with the upgrade, ensuring a seamless experience for its customers.
What is the Purpose of the Upgrade?
The forthcoming network upgrade is designed to enhance the Terra Classic blockchain’s performance and security. Such upgrades in the cryptocurrency sector are crucial for introducing novel features, improving security measures, and resolving existing issues, thereby enhancing the network’s overall reliability and functionality for blockchain users and investors.
Key Points from Binance’s Announcement
Here are some critical highlights from Binance’s recent statement:
- Deposits and withdrawals on Terra Classic will be paused temporarily.
- Trading activities will continue without disruption.
- Binance will manage all technical aspects of the upgrade.
- User funds will remain secure during the process.
- Services will resume once the network is stable post-upgrade.
Binance’s proactive support for the Terra Classic upgrade underscores its dedication to offering an uninterrupted user experience. By managing all technical elements of the upgrade, Binance ensures that users face no need for manual interventions. Upon successful completion and stabilization of the network, deposit and withdrawal functions will resume without further announcements. This precautionary measure is part of Binance’s broader strategy to safeguard transactions during the upgrade, ensuring smooth continuation of services for all Terra Classic coin holders on its platform.