Crypto exchange Binance has announced that it’s going to be supporting the network upgrade of Terra Classic (LUNC). The exchange has also provided information on what LUNC users should expect during and after the period of the upgrade.

Binance Will Implement Latest Terra Classic (LUNC) Upgrade

Within the announcement that was made on Friday, Binance revealed that it could be supporting the Terra Classic (LUNC) network upgrade. The upgrade which shall be happening on epoch 15,029 is a results of the LUNC community voting to pass Proposal 11242 which eliminates the re-minting of a portion of the burn tokens. 

The upgrade is predicted to take roughly three hours and through this time, deposits and withdrawals shall be disabled on the Binance exchange. This can affect USTC, LUNC, and ANC at some point of the upgrade. Nonetheless, users will still find a way to trade the cryptocurrencies as normal on the exchange.

When the upgrade is completed, deposits and withdrawals for LUNC, USTC, and ANC will robotically be re-opened, but Binance is not going to make an announcement on this. So users should just check to see if their deposits and withdrawals are working again.

LUNC price trading at $0.00017 | Source: LUNCBUSD on TradingView.com

Moreover, the upgrade could have an effect on transaction fees for LUNC, USTC, and ANC. “Binance will review and adjust the withdrawal fees for LUNC, USTC, and ANC via the Terra Classic (LUNC) network in accordance with market conditions, where applicable,” the exchange said.

LUNC price is already responding positively to the Binance announcement. The digital asset is currently trading within the green at a price of $0.000176. Its price is up 6.87% within the last 24 hours and seeing gains of 17.03% within the last week, based on data from Coinmarketcap.