Binance Backs Terra Upgrade as LUNA Surges 15%
Binance, the world's largest crypto exchange, has announced its support for the upcoming Terra network upgrade. The upgrade, scheduled to take place today at block height 22,942,000 at 16:00 UTC, aims to strengthen network security, stability, and interoperability.
The Terra network will undergo a v2.21.0 upgrade, which is expected to improve the infrastructure behind every transaction and app on Terra. 'No action is required from users,' said the Terra Phoenix team, adding that a brief network pause may occur while validators upgrade.
Binance will temporarily pause deposits and withdrawals of tokens on the Terra network to support the upgrade and ensure the best user experience. Trading on the network will not be impacted, and the exchange will handle all technical requirements for users holding LUNA on Binance.