Binance Announces Support for Upcoming Terra (LUNA) Network Upgrade

Binance, the world’s largest crypto exchange by trading volume, has recently announced that it will support the upcoming Terra (LUNA) network upgrade.

The exchange made the announcement via its official Twitter handle a couple of hours ago.

“Binance will support the Terra LUNA network upgrade.”

According to the announcement on Binance exchange’s official website, the Terra (LUNA) network upgrade will take place at the block height of 890000. In terms of date and time, the upgrade will play out on the 29th of July 2022, at 00:00 (UTC).

Read Also: Binance Announces Terra (LUNA 2.0) Listing and Completion of LUNA Airdrop Distribution: Details

The exchange stated that deposits and withdrawals of the digital token LUNA will be suspended starting from the 28th of July, at 22:00 (UTC).

As shared by the exchange, users are to take note of the following:

1. The trading of LUNA will not be affected during the upgrade.
2. The Terra (LUNA) network upgrade will take place at the block height of 890,000. The estimated time is for users’ reference only.
3. Binance will handle all technical requirements involved for all users holding LUNA in their Binance accounts.
4. 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.

Terra Network Upgrade to Introduce New Major Updates

On the 20th of July 2022, a proposal to upgrade the Terra blockchain, which will introduce three new updates went live for voting on Terra station.

The voting process lasted for a week. As expected, it gained the maximum support of the Terra community members.

According to the report, Prop 890 is a proposal that requires the Terra blockchain to be paused at a specific block height for nodes to update their software.

Read Also: Terra Team Shares Update on Airdrop, Says LUNA 2.0 Token Will Be Listed On Holders’ Favorite Exchanges

As stated in the proposal, the first update will enable the creation of vesting accounts via transactions to remove the limitations related to LUNA airdrop execution.

The second update is targeted at correcting a discrepancy that occurred during the launch of the new Terra blockchain. It’s said in the proposal that an exchange with the wallet address terra1chq5ps8yya004gsw4xz62pd4psr5hafe7kdt6d was incorrectly whitelisted during the launch of the new chain.

This implies that the update is centered on adjusting the vesting period for the Pre-Attack LUNC allocation for this wallet address.

The third and last update is to enable any user to send their vesting LUNA tokens to the community Pool via transaction.

---

Follow us on Twitter, Facebook, Telegram, and Google News