Bybit, one of the world's largest cryptocurrency exchanges, announced in its statement that it will support the network update of the Terra Classic (LUNC) altcoin.
According to the official statement, the Terra Classic v3.0.1 update, which will be released soon, will be supported by Bybit. The update is planned to take place on June 2 at 20:30 Türkiye time, at block height 18,303,000.
Bybit announced that LUNC deposits and withdrawals would be stopped about 20 minutes before the update started, and that they would be restarted on June 3.
The software update in question was marked to go into effect with the approval of the majority of validators.
This update consists of several key elements, including SDK v0.47, wasmd v0.45, ibc-go v7 and a p2p storm fix aimed at improving the operation and performance of networks.
LUNC, which was traded at $0.0001208 at the time of writing this article and had a market value of $699 million, was one of the largest cryptocurrencies in the world a while ago. The token, formerly known as LUNA, once had a market value of over $40 billion and rose to $119.18.
*This is not investment advice.