The world’s largest crypto exchange Binance on Monday said it will support the Terra (LUNA) network upgrade. The Terra community passed the on-chain proposal for the Phoenix software upgrade v2.4, with the majority voting to approve the upgrade. LUNA price has skyrocketed almost 10% to a high of $0.69 in the past 24 hours.
Crypto exchange Binance in an official announcement on July 17 informed that it will support Terra (LUNA) Phoenix v2.4 software upgrade. The network upgrade scheduled at block height 5,994,365 is expected to happen on July 18 at 13:00 UTC.
Binance will suspend LUNA deposits and withdrawals an hour before the upgrade. However, the trading of LUNA will continue to work normally during the network upgrade.
Terra (LUNA) community passed the proposal, with 98.22% “Yes” and 1.78% “No” votes. Terraform Labs upgraded Terra’s testnet chain Pisco and integrated several updates on June 30. The Phoenix software upgrade v2.4 will incorporate these updates into the Phoenix-1 mainnet.
All Terra and Terra Classic tokens have witnessed descending channel pattern breakout, with Terra Classic (LUNC) and TerraClassicUSD (USTC) skyrocketing 20% and 50% in a week.