Terra Luna Classic v3.3.0 Upgrade Backed by Binance: LUNC Price Set for a Rally?

• The Terra Luna Classic (LUNC) v3.3.0 upgrade focuses on improving tax mechanisms, enhancing network efficiency, and attracting developers to build 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 LUNC token burns.

Binance, the world’s leading crypto exchange, has recently announced it will support the Terra Luna Classic (LUNC) network upgrade scheduled for December 17, v3.3.0. As per StakeBin, the hard fork is going to occur at block height 21163600 at about 14:02 UTC.

Insight Into Terra Luna Classic’s Major Upgrade

With version 3.3.0, this is a monumental move for Terra Luna Classic and provides an outlook on improving utility from the chain to developers and projects involved, reported CNF. This iteration is essentially about tax mechanism enhancements and improvements in the total functioning of the platform.

Binance made an official statement stating that the exchange fully supports the Terra Luna Classic v3.3.0 upgrade. It is going to temporarily suspend deposits and withdrawals on the network, but trading of LUNC tokens will not be affected during this process.

“Binance will handle all technical requirements involved for all users,” the exchange assured in its announcement. The exchange will ensure a seamless transition for its users. Meanwhile, other crypto exchanges, like Bybit and OKX, have also announced support for the v3.3.0 upgrade.

Moreover, it’s worth noting that Binance has also been actively contributing to the revival efforts of the network in Terra Luna Classic. For instance, Binance participates in monthly LUNC burn initiatives that intend to decrease the token supply. To date, the community has burned a total of 393.87 billion LUNC tokens, and Binance accounts for 68.39 billion of this through its contributions.

The v3.3.0 upgrade includes a number of features aimed at making operations smoother and the network performance better. The upgrade will simplify the process of handling taxes, which automatically deducts taxes from the transactions before sending them to the recipient’s wallet.

The update is likely to improve the efficiency of the network and attract more developers who are willing to develop decentralized applications (dApps) on the platform. Whilst community efforts toward reviving Terra Luna Classic involve focusing on key areas such as increasing utility, supporting the USTC repeat, and accelerating the LUNC burn initiative.

LUNC & USTC Price Fluctuations

Terra Luna Classic’s price has fluctuated slightly in the last couple of days. Recently, LUNC price lost over 2%. However, the LUNC token witnessed a significant bounce back 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 surged by 12.09% to $64.2 million, which shows growing interest among traders amid the ongoing upgrade, per the CNF report. Thus, market analysts are still very keen on LUNC price’s long-term future. They are bullish on consistent staking and potential upward price movement in the future.

Meanwhile, the USTC price also climbed 1.81%, trading at $0.02311 at the time of writing on Tuesday, December 17. Moreover, USTC’s trading volume gained 22.33% to $16.4 million during the period, indicating that people are staying active despite the price decline.