In a recent announcement, Binance confirmed its backing for the upcoming upgrade of the Terra Classic (LUNC) network, slated for December 17, 2024. During this significant enhancement, the exchange will temporarily halt deposits and withdrawals related to the Terra Classic tokens. The upgrade process will initiate once the block height hits 21,163,600 and is expected to wrap up by 15:57 UTC.
What Happens to Deposits and Withdrawals?
On the day of the upgrade, Binance will stop token deposits and withdrawals starting at 14:57 UTC, about an hour before the upgrade kicks off. Notably, trading for the affected tokens will continue uninterrupted throughout this period.
Will Users Need to Take Any Action?
Users will not be required to perform any additional steps during the upgrade. Binance will handle all technical aspects of the process, ensuring a smooth transition. This upgrade is designed to improve the overall performance of the blockchain and create a more stable infrastructure.
- Upgrade set for December 17, 2024.
- Deposits and withdrawals suspended one hour prior.
- No trading interruptions during the upgrade.
- Users need not take any action; Binance manages everything.
The Terra Classic network upgrade promises to enhance its blockchain performance, with Binance pledging to monitor the process closely. This initiative is part of Binance’s ongoing commitment to ensuring a secure and efficient environment for its users.