Terra Luna News: Binance Backs the Upcoming Terra (Luna) Upgrade

Binance exchange is fully behind Terra‘s network upgrading plans.

A recent article in the Crypto Basic detailed Terra’s planned network upgrade, which will see the installation of three additional patches. It seems that the three changes touch on the creation and use of special accounts in the network. After the proposal was voted on and accepted, plans were made to implement the upgrade.

As a result, the Binance exchange has pledged its complete backing to the Terra network improvement.

#Binance will support the Terra $LUNA network upgrade.https://t.co/o1a3dcvgxY

— Binance (@binance) July 28, 2022

The LUNA Market Will Remain Unaffected

The exchange informed its clients about its plans to assist Terra and LUNA via a blog post and a tweet. Even though the Terra network upgrade is scheduled to take place at block 890,000 at roughly 00:00 UTC, Binance will not suspend LUNA trading, as stated in the announcement.

Nonetheless, LUNA transactions will be halted at roughly 22:00 UTC on the same day (July 28th, 2022). Further, Binance informed its users that the exchange would restart LUNA withdrawals and deposits after the Terra network upgrade was finished.

Terra has stated it will pause the network during the upgrade so that validators can update to the newest software.

 

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 Not The First Time

The Binance exchange has shown its support for Terra before. Binance publicly declared its backing for Terra 2.0 when it was launched a few weeks ago. The new LUNA cryptocurrency is listed, and the exchange is on board with LUNA airdrops.

Contrary to popular belief, the Binance exchange did not accept the MimbleWimble Extension Block (MWEB) update for Litecoin because of concerns that criminals would abuse the improved transaction anonymity it provided for illicit purposes like money laundering.