- Binance, the world’s largest crypto exchange, announces support for the Terra (LUNA) network upgrade, triggering a 10% surge in LUNA’s value.
- Terra’s Phoenix v2.4 software upgrade secures approval from the majority of its community, indicating substantial momentum for the blockchain protocol.
In a recent display of crypto market dynamics, the value of Terra (LUNA) skyrocketed almost 10% within a day, reaching a high of $0.69. This substantial surge was largely attributed to an announcement from Binance, the world’s leading crypto exchange, stating its support for the Terra network upgrade.
A Rising Phoenix in the Crypto Realm
Binance officially announced its backing of Terra’s Phoenix v2.4 software upgrade on July 17. This upgrade is scheduled to occur at block height 5,994,365, anticipated on July 18 at 13:00 UTC.
The crypto exchange will put a halt to LUNA deposits and withdrawals an hour before the upgrade, however, LUNA trading will continue seamlessly during the network enhancement process. Binance reassured its users, stating,
“We will handle all technical requirements for all users holding LUNA in their Binance accounts.”
In terms of resuming LUNA deposits and withdrawals, Binance explained,
“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.”
The Terra community voted overwhelmingly in favor of the Phoenix v2.4 upgrade, with a 98.22% majority giving the “Yes” vote. This software upgrade draws upon several updates integrated into Terra’s testnet chain Pisco by Terraform Labs on June 30. These advancements will now be incorporated into the Phoenix-1 mainnet.
Bullish Market Response to LUNA
Following the announcement from Binance, all Terra and Terra Classic tokens witnessed a notable price hike. Terra Classic (LUNC) and TerraClassicUSD (USTC) experienced impressive growth of 20% and 50% within a week, respectively.
The LUNA token itself has been on a substantial upward trajectory, jumping almost 10% within 24 hours and seeing an overall growth of 20% in a week. With its current price lingering at $0.69, and a 24-hour low and high of $0.62 and $0.69, respectively, LUNA is proving to be a rising star in the crypto sky.
