Terra Classic V3.3.0 Launches with Multi-Exchange Support

TLDR

• Binance and other major exchanges announced support for Terra Classic (LUNC) v3.3.0 network upgrade on December 17, 2024
• The upgrade aims to simplify tax handling by automating deductions and improve network utility
• Community has burned 393.87 billion LUNC tokens total, with Binance contributing 68.39 billion
• LUNC currently trades at $0.0001296, maintaining support above $0.00012
• USTC price trades at $0.02294 with increased trading volume despite 2% price decline

The Terra Classic blockchain network is implementing its v3.3.0 upgrade today, backed by leading cryptocurrency exchanges including Binance, Bybit, and OKX. The upgrade represents a technical advancement focusing on automated tax handling and improved utility features.

Binance, the world’s largest cryptocurrency exchange, announced its support for the upgrade in an official statement on Tuesday. The upgrade is scheduled to take place at block height 21163600, expected around 14:02 UTC on December 17.

To ensure a smooth transition, Binance temporarily suspended LUNC token deposits and withdrawals during the upgrade period. The exchange clarified that trading activities would continue without disruption, as they handle all technical requirements for their users.

The v3.3.0 upgrade introduces an automated tax handling system, which deducts taxes from transactions before they reach recipient wallets. This streamlines the process and removes potential complications in tax calculations for users.

Developer accessibility stands as another key focus of the upgrade. The improvements aim to make it easier for developers to build applications on the Terra Classic network, potentially increasing the ecosystem’s utility and adoption.

The Terra Classic community has maintained steady progress in reducing the token supply through burning mechanisms. To date, 393.87 billion LUNC tokens have been burned, with Binance contributing 68.39 billion through their monthly burn program.

BREAKING: @binance announces support for the $LUNC v.3.3.0 upgrade.

This upgrade simplifies tax handling by automatically deducting tax from the amount sent before it reaches the recipient's wallet, and makes it easier for developers to deploy on #LUNC.

BUIDL! #Crypto pic.twitter.com/8rDCDfFzHf

— Mr. Diamondhandz1 (@MrDiamondhandz1) December 17, 2024

Binance’s ongoing support extends beyond the current upgrade. The exchange has consistently backed Terra Luna Classic’s revival efforts and the USTC repeg initiative through various mechanisms, including their regular token burning program.

Market data shows LUNC trading at $0.0001296, experiencing a 2% decline in the past 24 hours but maintaining support above the $0.00012 level. Trading volumes have decreased by 27% over the same period, indicating reduced short-term trading activity.

The USTC token, trading at $0.02294, mirrors LUNC’s 2% price decline. However, USTC has seen a 22% increase in trading volume over the past 24 hours, suggesting heightened market interest.

LUNC Price on CoinGecko

Technical indicators show LUNC’s price maintaining stability above key support levels. Staking activities remain consistent despite recent market fluctuations, suggesting continued long-term holder confidence.

The upgrade implementation comes as part of the community’s broader strategy to enhance the network’s functionality. The focus remains on three main areas: increasing utility, continuing token burns, and working toward USTC repeg goals.

Other major exchanges in the ecosystem have aligned with the upgrade plans. Bybit and OKX have both announced their support, ensuring wider market coverage for the network improvement.

The Terra Classic community has expressed appreciation for the exchange support, particularly acknowledging Binance’s role in facilitating regular token burns and supporting network developments.

Market monitoring shows the 24-hour trading range for LUNC between $0.0001278 and $0.0001345, while USTC traded between $0.02251 and $0.02418.

The current upgrade represents the latest step in Terra Classic’s technical development, with exchanges providing infrastructure support to ensure smooth implementation across the ecosystem.

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