LUNA, the native token of the Terra blockchain, has been showing signs of strength despite the bearish market conditions. The token has gained momentum in anticipation of a major network upgrade that will introduce new features and improvements to the Terra ecosystem.
What is the Phoenix Upgrade?
The Phoenix Upgrade, also known as Terra Core v2.4.0, is a software upgrade proposal that has been approved by the Terra community through an on-chain vote. The proposal received 98.22% of the votes in favor, with a voter turnout of 53.7%.
The upgrade will introduce several changes and enhancements to the Terra blockchain, such as:
Support for Wormhole, a cross-chain bridge that will enable interoperability between Terra and other blockchains, such as Ethereum and Solana.
Support for Anchor Protocol v2, a decentralized lending platform that will offer stable interest rates and yield farming opportunities for Terra stablecoins.
Support for Mirror Protocol v2, a synthetic asset platform that will allow users to create and trade tokens that track the price of real-world assets, such as stocks and commodities.
Support for Columbus-5, a hard fork that will optimize the performance and security of the Terra network, as well as reduce gas fees and increase rewards for validators and delegators.
The upgrade is scheduled to take place on July 18 at 1:00 p.m. UTC, at block height 5994365. To ensure a smooth transition, the Terra blockchain will temporarily halt its operations during the upgrade process.
How does Binance support the upgrade?
Binance, one of the largest cryptocurrency exchanges in the world, has announced its support for the Terra Phoenix Upgrade. Binance will suspend LUNA deposits and withdrawals an hour before the upgrade, but LUNA trading will continue as normal.
Binance users do not need to take any action regarding the upgrade, as Binance will handle all technical requirements involved. Binance will resume LUNA deposits and withdrawals once the upgrade is completed and the network is stable.
TLDR points
LUNA is the native token of Terra, a blockchain platform that supports stablecoins and decentralized applications.
LUNA has been rising in price ahead of the Phoenix Upgrade, a major network upgrade that will introduce new features and improvements to the Terra ecosystem.
The Phoenix Upgrade will take place on July 18 at 1:00 p.m. UTC, and will require a temporary halt to the Terra blockchain operations.
Binance supports the Phoenix Upgrade and will suspend LUNA deposits and withdrawals an hour before the upgrade, but LUNA trading will continue as normal.
