Binance declares support for Terra Classic and Kava Network upgrades – LUNC price jumps

Binance, the world's leading cryptocurrency exchange, has revealed plans to back Terra Classic's v2.0.1 and Kava 13 mainnet upgrades. Meanwhile, the trading platform will halt deposits and withdrawals of USTC and LUNC today, 17 May. The same applies to KAVA.

Timeline of Kava, Terra-luna

Four proposals related to increasing burn tax, LUNC burn, and staking were passed by the Terra Classic community. The proposals outline key changes including raising the LUNC burn tax to 0.5%, rewarding people for staking, whitelisting Dapps contracts, and increasing community pool funding.

Terra Classic new project DFLunc, gaining popularity for its massive LUNC burn mechanism, has burned almost 2 billion LUNC tokens in two weeks. The DeFi protocol was launched in April to deflate LUNC circulating supply more rapidly by burning billions of tokens.

KAVA, the utility token of decentralized blockchain Kava, has been on a strong bullish trend in the last few days. The cryptocurrency maintained this momentum despite the bearish market sentiment in the past week, garnering an impressive 31% price gain.

After denying many proposals related to raising LUNC burn and burn tax, the Terra Luna Classic community finally decided to increase the LUNC burn tax. The move came as LUNC price fell below $0.000010 last week, reaching levels of last May when TerraUSD (UST) and LUNA prices collapsed drastically.

The Proposal for v2.0.1 Upgrade submitted by Terra Classic core developer Joint L1 Task Force (L1TF) has passed the threshold limit. This is a major upgrade on the LUNC blockchain, along with Cosmwasm v1.1.0 upgrade (parity) on May 31 to allow projects and builders across Cosmos and Terra (LUNA) to build on the Terra Classic chain.

It's been a year of the most dreadful events in the crypto space, wherein the Terra ecosystem collapsed, bringing the value of its token from its highs to almost zero. Since then, many efforts have been carried out to revive the ecosystem, with the creation of Terra (LUNA) being the most prominent one.

The crypto market has been on the decline in the last few days even as meme coins like PEPE and LADYS staged staggering price surges. The leading cryptocurrencies by market cap have been the worst hit by the bear market leaving only three major tokens (KAVA, Bitcoin SV, and FLOKI) in the green.

LUNC Price Analysis: Under the influence of a downsloping trendline, the LUNC price has witnessed an aggressive fall over the past three months. From the peak of $0.000208, this downfall tumbled the coin price 61.7% to hit the $0.00008 psychological support.

While the rest of the crypto market remained muted over the last day with losses, KAVA has gone against the trend. The cryptocurrency is currently trading in the green with double-digit gains over the last day.

Terra Classic core developer Joint L1 Task Force (L1TF) submitted Proposal 11511 for governance voting to upgrade the Terra Classic network to v2.0.1. This is a major upgrade on the LUNC blockchain, along with Cosmwasm v1.1.0 upgrade (parity) on May 31 to allow projects and builders across Cosmos and Terra (LUNA) to build on the Terra