Binance Announces Support for Upgrade on Terra Network; LUNA rises 13% By CriptoFacil

2023-07-17 17:10:11

© Reuters Binance Announces Updating Support on Terra Network; LUNA is up 13%

CriptoFácil – The Terra network, which emerged after the hard fork of Terra Classic, has launched a new proposal for updating its network. Entitled Phoenix, the update received a record approval and had a strong supporter: the Binance exchange.

This Monday (17), Binance announced that it will support the Phoenix update shortly after approval by the community. As a result, the price of the LUNA token skyrocketed by 13%, reaching BRL 3.50 according to CoinGecko. The token has more than BRL 1 billion in market cap with an offering of one billion tokens.

Earth Phoenix Update

According to Station, Terra’s polling platform, voting for the Phoenix v2.4 update reached a final result early Monday morning. The official results show that more than 53% of the validators voted, of which 98% approved the update, against 1.78% who voted against it. The scheduled network upgrade for block height 5,994,365 is scheduled for July 18 at 10:00 am (Brasília time).

Then, Binance declared its support through the official publication and informed the new steps. The exchange will suspend LUNA deposits and withdrawals one hour before the update. However, LUNA negotiation will continue to function normally during the network upgrade.

“Binance will handle all the technical requirements involved for all users who have LUNA on their Binance account. We will reopen deposits and withdrawals to LUNA as soon as we deem the updated network is stable and will not notify users in a later announcement,” the exchange said.

Developers at Terra ran Phoenixe on the Pisco testnet, integrating several updates on June 30th. With community approval, Phoenix software v2.4 will incorporate these updates into the mainnet.

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LUNA fears another 10%

All Terra and Terra Classic tokens witnessed the breakout of the bearish pattern, with Terra Classic (LUNC) and TerraClassic USD (USTC) soaring by 20% and 50% in one week. However, the LUNC had a modest increase in the last 24 hours: 3.5%.

It should be noted that Terra and Terra Classic are different networks, as well as their LUNA and LUNC tokens, respectively. The update had a direct impact on Earth only, which caused LUNA to skyrocket by over 13% in the past 24 hours. In the last seven days, the price of the token has increased by 23%.

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By CriptoFacil