As Bitcoin continues to struggle to hold $23,000, the former LUNA cryptocurrency, renamed Terra Classic (LUNC) after its collapseis trading up 3.45% on Monday and Binance could be responsible for this.
As we mentioned at the start, the reason could be Binance’s support for the coin’s network update. In a note posted this morningthe exchange said it will pause deposits and withdrawals of the LUNC cryptocurrency next week.
“Binance will support the Terra Classic Network (LUNC) upgrade. The Terra Classic Network (LUNC) update will take place on or around 02/14/2023. LUNC deposits and withdrawals from the Terra Classic block 11,541,520 will be suspended,” the exchange wrote on his blog.
What is the update of the LUNC cryptocurrency supported by Binance?
In short, Terra Classic (LUNC) will not make any changes to its financial model. Therefore, its daily maximum may be associated with the mere work of the team that did not abandon the project after its collapse.
The fact that Binance supports the upgrade, pausing deposits and withdrawals, is an indication that the exchange is following the project and supporting the cryptocurrency, with no plans to remove it from its trading books.
Regarding the update, the LUNC GitHub notes that the cryptocurrency will have two changes. Are these:
A simple fix for the node’s LCD (Light Client Daemon) endpoint that corrects a calculation problem in the LCD, noting that this is a problem when the LCD tries to estimate the required gas.
A state-breaking fix made to the update watchdog which stores the current version map of the modules in the application memory, this being the more important of the two. Finally, the team notes that “this code initializes the version map, so that future updates can use the proper update procedures.
The LUNC cryptocurrency is still alive thanks to the support of Binance and other exchanges.
Nine months after the collapse of the Terra (LUNA) project, plans to revive the coin appear to have paid off. With a market capitalization of $1.1 billion, today LUNC is the #49 largest cryptocurrency in the industry despite having lost 99.99% of its value due to inflation.
In 2023, LUNC has already appreciated by 27.9%, following the upward trend of the largest cryptocurrencies such as Bitcoin and Ethereum. The new LUNA is up 66.9% over the same period.
Finally, the stablecoin TerraUSD (UST), renamed USTC, remains without hope of recovery. Priced at just US$0.03, it is hard to imagine that it will return to parity with the dollar.
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