Terra (LUNA) price surges 10% as Binance announces support for the Phoenix software upgrade v2.4.
Binance, the world’s largest crypto exchange, announced its support for the Terra (LUNA) network upgrade.
The Terra community approved the Phoenix software upgrade v2.4 through an on-chain proposal, with the majority voting in favor. As a result, LUNA’s price surged nearly 10% to reach a high of $0.69 in the last 24 hours.
Binance Supports Terra (LUNA) Phoenix Upgrade
Binance officially announced its support for the Terra (LUNA) Phoenix v2.4 software upgrade. The upgrade is scheduled to take place on July 18 at 13:00 UTC, at block height 5,994,365.
Binance will halt LUNA deposits and withdrawals one hour prior to the upgrade. Nevertheless, LUNA trading will continue normally during the network upgrade.
Binance will manage all technical aspects for users holding LUNA in their Binance accounts during the upgrade. After ensuring network stability, they will reopen LUNA deposits and withdrawals without any additional notifications.
The Terra (LUNA) community approved the proposal with an overwhelming 98.22% “Yes” and 1.78% “No” votes. On June 30, Terraform Labs upgraded Terra’s testnet chain Pisco and integrated various updates. The Phoenix software upgrade v2.4 will bring these updates to the Phoenix-1 mainnet.
On-chain Proposal vote ended!
Prop #4737: Phoenix Software Upgrade v2.4
Status: Passed 🟢 98.22% of YES votes, 1.78% of NO votes, turnout: 53.7%
Link: https://t.co/sLaDiOvivo
— Terra Governance Alerts (@terra_agora) July 17, 2023
LUNA Price Surges 10%
Both Terra (LUNA) and Terra Classic (LUNC) tokens experienced a descending channel pattern breakout, resulting in a remarkable 20% surge for LUNC and an impressive 50% surge for TerraClassicUSD (USTC) in just one week.
LUNA’s price surged nearly 10% in the last 24 hours and 20% over the past week, reaching $0.69. The 24-hour low and high were recorded at $0.62 and $0.69, respectively.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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