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Binance Backs Terra Upgrade, Sending LUNA Prices Soaring

Guavy AI Editorial Team
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Binance announced its support for Terra's v2.21.0 network upgrade, sending LUNA prices surging nearly 15% in a single day.

The upgrade targets network security, stability, and interoperability, with the goal of improving the underlying infrastructure of the Terra blockchain.

Binance will pause deposits and withdrawals for Terra-based tokens during the upgrade but will continue to allow spot trading. The exchange will also handle technical requirements for users holding Terra-related assets, eliminating the need for manual steps.

Terra Phoenix, the developer group responsible for maintaining the blockchain, echoed Binance's guidance, advising holders to take no action.

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