LUNC News: Binance Backs Terra Luna Classic Upgrade Amid Crypto Market Decline

• While Terra Luna Classic (LUNC) deposits and withdrawals will be temporarily frozen, trading on the platform will remain unaffected, signaling Binance’s confidence in the LUNC ecosystem.
• The v3.4.0 upgrade includes critical security patches, Wasmvm v1.5.8, CometBFT v0.37.15, and improved multisend tax handling.

Binance has expressed its support for Terra Luna Classic’s (LUNC) upcoming network upgrade. The announcement comes during a general crypto market downturn, attracting new interest in LUNC.

Binance’s Involvement In The Terra Classic Upgrade

In a recent announcement, Binance assured us it would support the technical facets of the Terra Luna Classic upgrade. In the process, the exchange will freeze LUNC deposits and withdrawals on February 25, 2025, at 14:00 UTC. The network upgrade will be carried out at 15:00 UTC at block height 22,176,864.

Although transfers were temporarily suspended, Binance guaranteed that purchasing and selling LUNC on its platform would be unaffected. Once the network settles after the upgrade, deposits and withdrawals will resume automatically.

The exchange’s participation is a strong indication of faith in the Terra Luna Classic ecosystem. It sends a message of reassurance to investors when market conditions are still tough.

The Terra Classic v3.4.0 upgrade brings various essential enhancements with the goal of making the network more efficient and secure. One of the most important changes is the elimination of fork modules, integrating all activities into one compact code repository. Security improvements are the primary area of focus, with various patches closing network vulnerabilities. Some of the key updates are:

• Wasmvm v1.5.8
• Patch CWA-2025-001 & CWA-2025-002
• CometBFT v0.37.15
• Patch ASA-2025-001 & ASA-2025-002

These enhancements are intended to maximize system resilience and avert likely exploits. Multisend Tax Handling Fix is another essential feature that maximizes multi-send transactions by fixing the problems of implementing reverse charges. This update targets transaction efficiency enhancement, making the network more accessible.

Validators should also update their Go installation to version 1.22.12 prior to upgrading the client. Nevertheless, the upgrade does not change the state of the chain, and all currently available smart contracts and applications will run as before.

Community-Driven Upgrade Wins Approval

Apart from Binance’s support for v3.4.0, the Terra Luna Classic community also supported another software upgrade, as mentioned in our earlier post. Brought forward on February 24, 2025, the proposal, “Terra — 4834 | Msg Software Upgrade v2.15.0,” targets the correction of bugs that affect chain stability.

This comes as a testament to continuous efforts by the LUNC community to build a robust network, indicative of a commitment to long-term development in spite of current market uncertainty.

While these upgrades have caused hope, the price of LUNC has been impacted by the total crypto market downturn. When written, the LUNC price was at $0.00006577, losing 4.46% in the last 24 hours. In spite of the slump, the trading volume increased 92% to $26.11 million, indicating heightened market activity.

LUNC futures open interest stayed quite steady at $9.51 million, showing evenly balanced trader sentiment, according to Coinglass. Meanwhile, LUNA declined 11%, and USTC fell 12%, reflecting more widespread negative trends within the crypto community. Given Binance’s backing and community-driven upgrades now in place, analysts predict LUNC may be heading for $0.0001 if sentiment picks up.