Binance, the leading cryptocurrency exchange, has announced its support for Terra’s (LUNA) network upgrade. According to the announcement, Binance will support the network upgrade, which will take place at block height 7,722,000 or approximately at 17:30 GMT today.
Deposit and Withdrawal Operations Suspended Temporarily
As the largest cryptocurrency exchange in the world, Binance will support Terra’s network upgrade. The exchange will provide its support for the upgrade, which will take place at block height 7,722,000 or approximately at 17:30 GMT today. Binance will fulfill all the technical requirements related to the upgrade for all users.
Binance will temporarily suspend deposit and withdrawal operations for LUNA and other tokens on the Terra network at 16:30 GMT today. After confirming the smooth operation of the network following the upgrade, deposit and withdrawal operations for the Terra network will be resumed without any further notification.
Trading operations for LUNA and other tokens related to the Terra network will continue unaffected before, during, and after the upgrade.
What is Terra (LUNA)?
Terra (LUNA) is a cryptocurrency project created by Terraform Labs and operates on the Terra Blockchain. Terra is a blockchain protocol that supports a range of digital assets and cryptocurrencies. Its primary goal is to create a broad ecosystem by utilizing a customized algorithm to establish a series of stablecoins, ensuring price stability and other advantages.
LUNA is the native token of the Terra network. The Terra network is a platform that allows users to utilize and transfer various digital assets. Additionally, Terra is designed to serve a range of different use cases such as payment systems and decentralized finance (DeFi) applications. The value of LUNA can fluctuate depending on various factors such as the economic dynamics of the Terra network, demand, and supply factors.
