Binance Announces Support for Terra Network Upgrade – CoinCodex


Binance, the world’s leading cryptocurrency exchange, has announced in a recent blog post that it will support the Terra Classic network upgrade. This development comes shortly after the network began operations for the Terra Classic v2.4.0 upgrade.
Terra Classic has taken the crypto space abuzz since the unveiling of its network upgrade, signaling a significant milestone for the Terra ecosystem. In its effort to aid the upgrade process, Binance has revealed its plans to temporarily suspend deposits and withdrawals of the LUNA token.
The Terra (LUNA) network upgrade has been scheduled to take place at the Terra block height of 5,994,365. The suspension commenced at around 2023-07-18 at 12:00 (UTC). However, the exchange has assured users that it will promptly restore the deposits and withdrawals for LUNA as soon as it confirms the stability of the upgraded network to be stable. As of this writing, Terra Core has been successfully upgraded and is once again producing blocks.
Terra Core has successfully upgraded to v2.4 and is once again producing blocks. Shoutout to Terra validators for a speedy upgrade!
It is no news that the Terra ecosystem is ready for a new twist as it embarks on the v2.4.0 Upgrade. Following this major development, Terra has recently undergone a substantial upgrade on its Pisco testnet chain, bringing forth several crucial and remarkable enhancements.
As part of the enhancements, the upgrade introduces a consensus-breaking change, necessitating the creation of a SoftwareUpgradeProposal. This proposal will be subject to governance voting after a community discussion to ensure the changes are implemented in a decentralized and transparent manner. The team has revealed that the updates have been thoroughly tested and are now proposed to be incorporated into the Terra mainnet, Phoenix-1. This update appears to have retrieved the interest of users on LUNA, as it has apparently received massive support from the crypto space.
Nonetheless, Binance understands that its decision may cause some users to be concerned about their assets, hence it has taken responsibility for any technical requirements needed by users holding LUNA in their Binance accounts. The exchange has assured users of its commitment to ensuring a smooth and secure transition during this network upgrade from its end.
Over the last few years, the Terra ecosystem has remained unstable after the massive fall of Terra, which generally impacted the crypto ecosystem.
This incident caused the LUNA price to crash significantly, and since then, the Terra community has been actively working to regain its footing and make a strong comeback. The proposal for the v2.4.0 Upgrade represents part of the team’s comeback and has generated substantial interest and support, highlighting the community’s enthusiasm for the upgrade and their belief in its potential.
Nonetheless, it appears that this development is already marking a new turn for the Terra Classic community, as the recent unveiling of Binance plans to support its network upgrade has caused a sharp hike in the price of LUNA. According to Coincodex, LUNA is currently trading at $ 0.656857 as of July 19, marking about a 3.74% hike in the last 24 hours. 

Keep track of your holdings and explore over 10,000 cryptocurrencies
CoinCodex is a cryptocurrency data website that tracks 25729 cryptocurrencies trading on 424 exchanges and provides live crypto prices.
© 2023 CoinCodex. All rights reserved.


Leave a Reply

Your email address will not be published. Required fields are marked *