Claim $500Just-In: 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%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Aave DAO vs Labs: Aave Founder Pledges Clearer Economic Alignment as DAO Rejects Brand Asset Transfer
- Universal Exchange Bitget Partners UNICEF to Equip Youths to Thrive in the Digital Economy
- Will Crypto Market Crash as Over $27B in Bitcoin, ETH, XRP, SOL Options Expire Today?
- Trust Wallet Hack Update: CZ Speaks Out on $7M Loss, Promises Support
- Trust Wallet Hack: Users Hit as Hacker Drains BTC, ETH, BNB
- Cardano Price Eyes a 40% Surge as Key DeFi Metrics Soar After Midnight Token Launch
- FUNToken Price Surges After MEXC Lists $FUN/USDC Pair
- Bitcoin Price on Edge as $24B Options Expire on Boxing Day — Is $80K About to Crack?
- Crypto Market Rebounds: Are Bulls Positioning for a Santa Rally?
- XRP, Bitcoin, Ethereum Price Predictions Ahead of Jan 2026 CLARITY Act and US Crypto Reserve Plans
- Pi Network Analysis: Pi Coin Price Surges on Christmas Eve, Can It Hit Year-End Highs?
