Binance Announces Support To Terra LUNA Mainnet Upgrade, Price Shoots 10%

The world’s largest crypto exchange Binance on Monday said it will support the Terra (LUNA) network upgrade. The Terra community passed the on-chain proposal for the Phoenix software upgrade v2.4, with the majority voting to approve the upgrade. LUNA price has skyrocketed almost 10% to a high of $0.69 in the past 24 hours.

Binance To Support Terra (LUNA) Phoenix Upgrade

Crypto exchange Binance in an official announcement on July 17 informed that it will support Terra (LUNA) Phoenix v2.4 software upgrade. The network upgrade scheduled at block height 5,994,365 is expected to happen on July 18 at 13:00 UTC.

Binance will suspend LUNA deposits and withdrawals an hour before the upgrade. However, the trading of LUNA will continue to work normally during the network upgrade.

“Binance will handle all technical requirements involved for all users holding LUNA in their Binance accounts. We will reopen deposits and withdrawals for LUNA once we deem the upgraded network to be stable, and we will not notify users in a further announcement.”

Terra (LUNA) community passed the proposal, with 98.22% “Yes” and 1.78% “No” votes. Terraform Labs upgraded Terra’s testnet chain Pisco and integrated several updates on June 30. The Phoenix software upgrade v2.4 will incorporate these updates into 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%

Link: https://t.co/sLaDiOvivo

— Terra Governance Alerts (@terra_agora) July 17, 2023

Also Read: Australia’s Big Four Banks Block Payments To Crypto Exchanges

LUNA Price Jumps 10%

All Terra and Terra Classic tokens have witnessed descending channel pattern breakout, with Terra Classic (LUNC) and TerraClassicUSD (USTC) skyrocketing 20% and 50% in a week.

LUNA price jumped almost 10% in the past 24 hours and 20% in a week. The price currently trades 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% & USTC 50%

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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