Binance declares support for Terra Classic and Kava Network upgrades – LUNC price jumps

2023-5-18 14:02

Binance, the world’s leading cryptocurrency exchange, has revealed plans to back Terra Classic’s v2.0.1 and Kava 13 mainnet upgrades. Meanwhile, the trading platform will halt deposits and withdrawals of USTC and LUNC today, 17 May. The same applies to KAVA.

Binance to support Kava and Terra Classic upgrades

#Binance will support the Terra Classic $LUNC and Kava $KAVA network upgrades.https://t.co/kt6a6Hft5u

— Binance (@binance) May 17, 2023

Binance’s statement on 17 May revealed that the exchange will support today’s Terra Classic network upgrade. Terra scheduled the update at 12,815,210 block height at around 16.45 today. The blockchain will go offline until the completion of the update.

Further, Binance indicated that it would suspend USTC and LUNC deposits & withdrawals from 17 May at 13:30 UTC. Remember, Join L1 Task Force’s proposal officially passed, with a remarkable 99.5% vote to favor the proposal. Furthermore, the bid received support from leading validators, including SolidVote, Lunanauts, JESUSisLORD, StakeBin, and Allnodes.

The upgrade will bring multiple functionalities to the Terra platform, including compulsory security updates, updates to Tendermint vo.34.24 & Cosmos SDK vo.45.13, and a minimum first deposit for governance suggestions.

Also, Binance confirmed the support of the Kava 13 upgrade, scheduled at 4,832,500 block height at around 15:00 UTC today (17 May). The crypto exchange will halt KAVA deposits & withdrawals from 14:30 UTC.

Other top exchanges, including KuCoin, MEXC Global, and Gate.io, backed Terra’s upgrade. Kava 13 network upgrade incorporates updates to remarkable dependencies. Also, it offers Kava DAO extra powers to control community pool funds via the x/community module.

Meanwhile, KAVA, USTC, and LUNC trading will be functional during today’s upgrade. Binance will restore deposits & withdrawals after the upgrade platforms gain stability.

LUNC price soars

LUNC explores bullish waves today, gaining around 2.33% to trade at $0.0000919 at press time. Its 24hr low & high stood at $0.000088 and $0.000093. Moreover. LUNC’s trading volume jumped substantially over the past 24 hours, confirming increased interest among crypto traders.

Nonetheless, KAVA has a different story as far as price actions are concerned. While Invezz recently posted about KAVA decoupling from the broad market with impressive upticks, the altcoin has lost the steam, falling with a notable 5.55% over the past day. It traded at $0.9018 at press time.

The post Binance declares support for Terra Classic and Kava Network upgrades – LUNC price jumps appeared first on Invezz.

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