By Alicia Maher
Binance exchange declared the coming suspension of the withdrawal and deposit services of Terra Classic USD (USTC) and Terra Classic (LUNC), on their digital platform. The suspension of these will start on 7th September 2022.
Suspension Of LUNC And USTC
On the 24th of August, Terra announced that they have stopped the transfer of Terra Shuttle from Terra Classic due to high transaction costs. This was announced through a Tweet on their official Twitter handle (@Terrac_money).
They added that that was the first step towards completely ending the terra shuttle. Following this, Binance in a statement announced they will halt the services of the shuttle bridge by 00.00 on the 7th.
Meanwhile, Binance normally backs the services of USTC using BEP20, ERC20, Polygon, and Terra Classic Networks. They also back LUNC using Terra Classic Network.
But only withdrawal and deposit done using terra classic networks will be usable from 7 September. Traders can use other networks before the date, but they are advised against their usage when the suspension date is close.
Other Services Are Still Usable
Binance assured its users that only the stated activities are affected. Other activities like Binance Earn (Binance Savings and Stakings), Spot and Margin trading for USTC, and LUNC are fully available.
The platform says it will address any technical issue that its customers may face in an attempt to transfer the shuttle tokens. They however say the transaction might be slow due to loads of transactions waiting to be completed.
Increase in Terra Quantity Traded
Recently, there has been an increase in the value of Terra tokens. The day-to-day amount of LUNA, USTC, and LUNC traded has hugely increased.
Similarly, LUNC recently rose by 100% plus. Its daily volume traded hit over 1.4 billion.
Terra tokens LUNA, LUNC, and USTC saw a huge rise in daily trading volume.
The increase in volume traded was attributed to the staking, 1.2% burn tax proposal, and continued burning. The Terra community would be glad if Binance officially declares their backing for LUNC Burning.
The rate of Terra classic dipped 3% in 24 hours. Terra is traded at $0.000246 at the time of this report.