- The Terra Luna Classic (LUNC) v3.3.0 update aims to improve tax mechanisms, increase network efficiency, and incentivize developers to create decentralized applications (dApps) on the platform.
- It aligns with community efforts to revive Terra Luna Classic by increasing utility, supporting USTC repeg initiatives, and accelerating the LUNC token burn.
Binance, the world’s largest cryptocurrency exchange, recently announced that it will support the Terra Luna Classic (LUNC) network update scheduled for December 17, v3.3.0. According to StakeBin, the hard fork will occur at block height 21163600 at approximately 14:02 UTC.
Terra Luna Classic Major Update Preview
With version 3.3.0, this is a monumental development for Terra Luna Classic and a prospect of improving the usefulness of the channel for developers and affected projects, CNF reported. This iteration mainly concerns improvements to the tax mechanism and the overall functioning of the platform.
Binance has made an official statement stating that the exchange fully supports the Terra Luna Classic v3.3.0 update. It will temporarily suspend deposits and withdrawals on the network, but LUNC token trading will not be affected during this process.
“Binance will take care of all technical requirements for all users,” the exchange assured in its announcement. The exchange will ensure a seamless transition for its users. Meanwhile, other cryptocurrency exchanges, such as Bybit and OKX, have also announced support for the v3.3.0 update.
Additionally, it is worth noting that Binance also actively contributed to the network’s relaunch efforts in Terra Luna Classic. For example, Binance participates in monthly LUNC burn initiatives that aim to reduce the token supply. To date, the community has burned a total of 393.87 billion LUNC tokens, including 68.39 billion for Binance.
The v3.3.0 update includes a number of features aimed at facilitating operations and improving network performance. The update will simplify the tax processing process, which automatically deducts taxes from transactions before sending them to the recipient’s wallet.
This update is expected to improve network efficiency and attract more developers interested in building decentralized applications (dApps) on the platform. Community efforts to revive Terra Luna Classic are focused on key areas. Among them are that of increasing utility, supporting the USTC rehearsal, and accelerating the LUNC burn initiative.
LUNC and USTC Price Fluctuations
The price of Terra Luna Classic has fluctuated slightly in recent days. Recently, the price of LUNC lost more than 2%. However, the LUNC token saw a significant rebound as it managed to gain 1.71%, reaching $0.0001309 today with a 24-hour range of $0.0001286 to $0.0001345.
Trading volume for LUNC also jumped 12.09% to $64.2 million, showing growing interest from traders amid the ongoing upgrade, according to the CNF report. Thus, market analysts are still very enthusiastic about the long-term future of LUNC price. They are optimistic about the regularity of the stake and the possibility of an upward movement in prices in the future.
Meanwhile, USTC price also increased by 1.81%, trading at $0.02311 at the time of writing on Tuesday, December 17. Additionally, USTC’s trading volume increased by 22.33% to $16.4 million during the period, indicating that people remain active despite the price drop.
