Binance, one of the leading crypto exchanges, has announced support for the upcoming network upgrade of Terra Classic (LUNC).
As part of this announcement, the exchange has also provided information on what LUNC users can expect during and after the upgrade period.
The upgrade, set to take place on epoch 15,029, is a result of the LUNC community voting to pass Proposal 11242. This proposal eliminates the re-minting of a portion of the burn tokens.
The upgrade is expected to last for around three hours and during this time, deposits and withdrawals will be suspended on the Binance exchange.
This will affect USTC, LUNC, and ANC during the upgrade period. However, users will still be able to trade these cryptocurrencies as usual on the exchange.
Once the upgrade is completed, deposits and withdrawals for LUNC, USTC, and ANC will be automatically reopened but Binance will not make an official announcement. Users should check if their deposits and withdrawals are working again.
In addition, the upgrade may affect transaction fees for LUNC, USTC, and ANC.
Binance has stated that they will review and adjust the withdrawal fees for these currencies via the Terra Classic (LUNC) network in accordance with market conditions.