Bybit, a leading cryptocurrency exchange globally, declared its backing for the Terra Classic (LUNC) altcoin's network upgrade. The awaited Terra Classic v3.0.1 update, set to launch soon, will receive Bybit's support. The update is scheduled for June 2 at 20:30 Türkiye time, corresponding to block height 18,303,000. Before the update commences, Bybit will halt LUNC deposits and withdrawals approximately 20 minutes prior and resume operations on June 3.

The update's implementation requires validation from the majority of validators, according to the official announcement. The update encompasses several crucial components, such as SDK v0.47, wasmd v0.45, ibc-go v7, and a p2p storm fix targeting network efficiency and performance enhancement.

At the time of writing this piece, LUNC was trading at $0.0001208 with a market capitalization of $699 million. This altcoin, previously known as LUNA, once boasted a market capitalization exceeding $40 billion and surged to $119.18.

*Disclaimer: This content does not serve as investment advice.