Binance has announced that it will support the Terra Classic and Kava network upgrades. The Terra Classic network upgrade will take place on May 17, 2023, at the Terra Classic block height of 12,812,900. The Kava network upgrade will take place on the same day, at the Kava block height of 4,832,500.
During the network upgrades, deposits and withdrawals for LUNC and USTC via the Terra Classic network will be suspended. The trading of LUNC, USTC, and KAVA will not be affected during the network upgrades.
The Terra Classic network upgrade is a hard fork that will create a new blockchain with a new token, LUNC. The old LUNA token will be renamed LUNC and will continue to exist on the old Terra Classic blockchain. The new LUNC token will be the native token of the new Terra blockchain.
The Kava network upgrade will introduce a new consensus mechanism, Proof-of-Stake (PoS). PoS is a more energy-efficient and secure consensus mechanism than the current Proof-of-Work (PoW) consensus mechanism used by Kava.
Impact of the Network Upgrades
The Terra Classic and Kava network upgrades are expected to improve the security, scalability, and usability of both projects. The upgrades are also expected to make it easier for users to trade and use these cryptocurrencies.
The Terra Classic network upgrade is being implemented in response to the collapse of the Terra ecosystem in May 2022. Moreover, the Kava network upgrade is being implemented to improve the security and scalability of the Kava network.
Also read: EU Takes Bold Step in Crypto Regulation with Revolutionary MiCA Initiative
Binance’s Support for the Network Upgrades
Binance, the world’s largest cryptocurrency exchange, has announced that it will support the Terra Classic and Kava network upgrades. This means that Binance will continue to list LUNC, USTC, and KAVA, and it will continue to allow users to trade these cryptocurrencies. Binance will also handle all technical requirements involved for all users holding LUNC, USTC, and KAVA in their Binance accounts.
The Terra Classic and Kava network upgrades are a significant development for both projects. The upgrades are expected to improve the security, scalability, and usability of both projects. The upgrades are also expected to make it easier for users to trade and use these cryptocurrencies.
***
