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Just-In: Binance Announces Support To Terra LUNA Mainnet Upgrade, Price Shoots 10%

Terra (LUNA) price jumps 10% as crypto exchang Binance announces support for the Phoenix software upgrade v2.4.
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Just-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.

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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.

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

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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%

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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