Kucoin is making final preparations for the launch of the latest upgrade to the Terra (LUNA) network on September 30, 2021. They have planned it at a block height of 4,724,000, 3:30:00 for the time being. Accordingly, they have decided to discontinue LUNA’s services, which include deposits and withdrawals, about half an hour before the scheduled start time.
You have advised users to be aware of a few important things. Initially, LUNA’s existing trading operations will function normally during the upgrade. It should not be expected that new tokens will be issued while the network is being updated.
Terra is known for its functions as a transactional and e-commerce platform and is operated by Stablecoin. This blockchain technology-based payment network is interwoven with stablecoins and has its own cryptocurrency called LUNA Coin. While LUNA is the main staking token for Terra, there are other stablecoins linked to traditional currencies under Terra’s banner, such as TerraUSD which is pegged to the American dollar. By using stablecoins, the Terra platform can ensure that their crypto ecosystem keeps fees to a minimum, matters are dealt with easily and instantly, and cross-border transactions are seamless. It is predicted that Terra will become the leader in the next generation of decentralized e-commerce applications that use cryptocurrency for transactions.
Corresponding KuCoin rating, Kucoin is one of the most popular cryptocurrency exchanges that has made cryptocurrencies available to everyone – it helps every user – regardless of their level of expertise – to help grow the platform. Its token mainstay is the Kucoin token or KCS. In 2019, Kucoin added Terra to its list with Luna and SDT. Users could use Luna with Bitcoin and the American dollar.