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Binance to Support the Loopring (LRC) Smart Contract Upgrade, Price Jumps more than 10%

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Binance to Support the Loopring (LRC) Smart Contract Upgrade, Price Jumps more than 10%

Binance one of the top cryptocurrency exchange today announces through a blog post that it will support the upcoming Loopring (LRC) smart contract upgrade. Binance also tweets about the update on the official Twitter page.

As per the blog post by Binance, the Loopring (LRC) upgrade will be supported with the new contract address of 0xBBbbCA6A901c926F240b89EacB641d8Aec7AEafD. Binance also shared the steps that will be followed during the upgrade and the steps are as follows –

  • Binance will start the upgrade from 2019/05/07 12:00 PM (UTC) and at that time deposits and withdrawals of LRC will be suspended.
  • Then LRC smart contract will be upgraded at an Ethereum block height of 7715000 (estimated to be 2019/05/07 4:30 PM (UTC).
  • After the upgrade at the above-mentioned block height, deposits of LRC tokens from the original LRC smart contract will not be accepted.

Binance, Bitfinex, Bittrex, CoinMex, Gate.io, OKEx, Bitbns and Kriptomat are the exchanges that will be supporting the LRC upgrade automatically.

Binance to support upgrade to Loopring smart contract

Soon after the announcement about the upgrade, the price of Loopring jumps more than 10%. At the time of writing this article, LRC is trading at $0.062040 USD with a market capitalization of $51,427,981 USD.

About 48.54% of the Loopring (LRC) is being traded on CoinMex crypto exchange in LRC/ETH trading pair. The 2nd spot in terms of trading volume is too grabbed by CoinMex in the LRC/USDT trading pair.

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Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.