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Breaking: Binance Declared to Support Terra LUNA Mainnet Upgrade


Today, Monday, July 17, the world’s largest cryptocurrency exchange Binance made a public declaration of supporting the Terra (LUNA) network upgrade at Terra block height of 5,994,365.

Due to the upcoming upgrade, the price of LUNA has hiked to nearly 10% an increase of $0.69 in the last 24 hours.

The Terra community approved an on-chain proposal for upgrading the Phoenix software v2.4.

The majority of the vote carried approval for the upgrade and the network upgrade will not affect LUNA trading on the network.

The proposal was passed by the Terra (LUNA) community with 98.22% responding to “Yes” while only 1.7% votes responded to “No”

READ ALSO:Binance Suspends Trading for 9 Cryptocurrencies Including LTC, BTC, SOL, MATIC, ADA

Moreover, all the technical requirements necessary regarding customers holding LUNA in their accounts on Binance will be handled by Binance.

Quick Take

  • The network upgrade for Terra (LUNA) Phoenix v2.4 software is scheduled to occur at block height 5,994,365 on July 18 by 13:00 UTC.
  • 1 hour before the anticipated upgrade, Binance will halt all LUNA withdrawals and deposits. However, LUNA trading will keep on working as usual while the upgrade is going on
  • LUNA withdrawals and deposits will commence immediately after the network upgrade becomes stable and the exchange will alert users later.
  • On June 30, Terraform labs upgraded Pisco, Terra’s testnet chain, and merged various updates. The latest Phoenix software upgrade v2.4 will absorb these updates within its Phoenix-1 mainnet.

Market Reactions

In the last 24 hours, the price of LUNA has skyrocketed to a 10% increase and a 20% increase within one week.

As of the time of this writing, the price of Terra Classic LUNC is at $0.00009235 with an increase in market cap by 1.28%.

Whereas its trading volume was reduced by 8.80%.

Similarly, TerraClassicUSD USTC is currently trading at $0.01744 with an increase in its market cap by 6.46% and an increase also on its volume by 49.18%.

It seems that the news of the upgrade made all Terra Classic and Terra tokens experience a descending channel process breakout while TerraClassicUSD (USTC) and Terra Classic (LUNC) escalated to 20% and 50% respectively.















































































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