Binance has announced that it will suspend withdrawals for 3 altcoins, including LUNC. The leading exchange is completing the final preparations ahead of a network upgrade.
Binance suspends withdrawals and investments for these 3 altcoins
Terra Classsic (LUNC), Anchor Protocol (ANC) and Terra Classic (USTC) operations will be suspended from 06:30 on 14 January. Binance has announced in a new announcement that it will suspend operations until the network upgrade work is completed. From the specified date, users will be able to transact with these cryptocurrencies again.
Terra Classic (USTC) transactions will be closed as part of the network upgrade until January 14. However, users will not be affected by LUNC, USTC, and ANC transactions during the network upgrade, while deposits and withdrawals are temporarily suspended. Binance is announcing that it will reactivate trades shortly after the upgrade is complete.
In the official announcement published on January 13, Binance also warns users to pay attention to a few issues. The list is as follows:
- The network upgrade will take about three hours.
- LUNC, USTC and ANC operations will not be affected during the network upgrade.
- The Terra Classic (LUNC) network upgrade will occur in the age of 15.029. The estimated time is for users’ reference only.
- Binance will fulfill all relevant technical requirements for all users holding LUNC, USTC and ANC in their Binance accounts.
- When appropriate, Binance will review and adjust withdrawal fees for LUNC, USTC and ANC via the Terra Classic (LUNC) network in accordance with market conditions.
- We will reopen deposits and withdrawals for the Terra Classic (LUNC) network once we consider the upgraded network stable and will not notify users at further notice.
- If any inconsistency arises between the translated versions and the original English version, the English version will prevail.
Terra Classic elevation details
Central to the Terra Classic network upgrade, the proposal aims to remove the seigniorage bounty policy by banning the reissue of burned LUNC tokens. It also aims to increase gas fees by five times (5x) to leverage the community pool and increase validator or staking rewards. According to the proposal, LUNC’s on-chain burn rate has decreased significantly over the past four weeks. However, it is expected to drop further as Binance reduces token burns.
Meanwhile, Binance has announced that it will change its LUNC burn protocol to begin burning 50% of fees instead of 100% on LUNC spot and margin transactions. Considering all these efforts, token burning suggests a fivefold increase over what it used to be. cryptocoin.com We have included Binance’s LUNC burning mechanism in this article.
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