Binance, one of the largest cryptocurrency exchanges in the world, has announced that it will support the altcoin Terra (LUNA) network upgrade. The upgrade is scheduled to take place at block height 4,711,800 Terra, which is expected to occur around 2023-04-20 08:00.
Binance Will Support Altcoin Terra (LUNA) Network Upgrade
Binance will suspend LUNA deposits and withdrawals from approximately 2023-04-20 07:00 to facilitate network upgrade. Once the upgrade is complete, LUNA deposits and withdrawals will continue on Binance.
Binance made the following statements in its announcement:
“LUNA trading will not be affected during the network upgrade.
The Terra (LUNA) network upgrade will occur at block height 4,711,800 Terra. The estimated time is for users' reference only.
Binance will meet all relevant technical requirements for all users with LUNA in their account.
Once we consider the upgraded network stable, we will reopen deposits and withdrawals for LUNA and will make no further announcements to users.”
Terra network is a blockchain-based platform focused on creating decentralized stablecoins, providing fast and secure payments, and offering seamless cross-chain interoperability.
The network is gaining popularity in the DeFi space due to its unique features and robust infrastructure.
With the support of major exchanges like Binance, the Terra network is poised to continue to grow and provide value to its users.
The network upgrade is an important milestone for Terra as it aims to increase the performance and scalability of the network, as well as introduce new features and functionality.
Binance actively supports various network upgrades and launches in the crypto space, demonstrating its commitment to providing the best services to its users.
As a leading exchange, Binance's support for the Terra network upgrade is expected to further strengthen the network and its ecosystem.
*Not investment advice.