The world’s largest crypto exchange Binance said on Monday it will support the Terra (LUNA) network upgrade. The Terra community has the on-chain proposal for the Phoenix software uprang v2.4, with the majority voting to approve the upgrade. The price of LUNA is up almost 10% in the last 24 hours to a high of $0.69.
Binance to support Terra (LUNA) Phoenix upgrade
Crypto exchange Binance has made an official announcement on July 17 that it will support the Terra (LUNA) Phoenix v2.4 software upgrade. The planned network upgrade at block height 5,994,365 is expected to take place on July 18 at 13:00 UTC.
Binance will stop LUNA deposits and withdrawals one hour before the upgrade. However, LUNA trading will continue to operate normally during the network upgrade.
“Binance will handle all technical requirements for all users who have LUNA in their Binance accounts. We will reopen deposits and withdrawals for LUNA once we deem the upgraded network stable, and we will not notify users in any subsequent announcement.”
The Terra (LUNA) community approved the proposal, with 98.22% “Yes” and 1.78% “No” votes. Terraform Labs upgraded Terra’s testnet chain Pisco on June 30 and integrated several updates Phoenix software uprang v2.4 will include these updates in the Phoenix-1 mainnet.
On-chain Proposal Vote Ended!
Prop #4737: Phoenix Software Upgrade v2.4
Status: passed 🟢 98.22% of YES votes, 1.78% of NO votes, turnout: 53.7%
— Terra Governance Alerts (@terra_agora) July 17, 2023
Also read: Australia’s four major banks block payments to crypto exchanges
LUNA Price Increases 10%
All Terra and Terra Classic tokens have witnessed a descending channel pattern breakout, with Terra Classic (LUNC) and TerraClassicUSD (USTC) skyrocketing 20% and 50% in a week.
The price of LUNA is up almost 10% in the last 24 hours and 20% in a week. The price is currently trading at $0.69, with a 24-hour low and high of $0.62 and $0.69, respectively.
Also Read: Terra Luna Classic L1TF on Guardarian Deal and Q3 Roadmap, LUNC Up 20% and USTC 50%
Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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This post Binance Announces Support For Terra LUNA Mainnet Upgrade, Price Shoots Up 10%
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