The native token of the Terra blockchain, LUNA, has been making significant progress despite not having the most impressive numbers on the charts. Recent gains can be seen as a commendable achievement, particularly considering the network’s challenges.
Notably, there has been a surge of positive momentum surrounding LUNA recently, which can be attributed to the anticipation of an upcoming upgrade set to go live in just a few hours.
To ensure a smooth transition, the developers of Terra have conscientiously informed their users about an impending temporary halt to the chain. This crucial notification urges users to note that the chain will experience some downtime during the indicated period.
Preparing For Game-Changing Upgrade
Terra is gearing up for a significant advancement with the upcoming Phoenix Software Upgrade Proposal, also known as Terra Core v2.4.0. The Terra community has actively participated in the voting process, and the proposal has been successfully approved on-chain.
Referred to as Prop 4737, the Phoenix software upgrade v2.4 received an overwhelming majority, with 98.22% “Yes” and only 1.78% of “No” votes. The voter turnout reached an impressive 53.7%, reflecting the community’s engagement and enthusiasm for the proposed changes.
The 'yes' votes have it. Source: Station
A temporary halt to the blockchain operation has been scheduled to facilitate the seamless implementation of the upgrade. According to Terra’s announcement, the chain will pause its operations at block height 5994365, expected to occur on July 18 at 1:00 p.m. UTC.
Following the passing of prop 4737 to upgrade Terra Core to v2.4, the chain will halt at block height 5994365 (approximately 18 Jul. 1 pm UTC). We don’t anticipate extended downtime and will update when we’re producing blocks again.https://t.co/mXGXEYNIok
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) July 17, 2023
This pre-planned disruption is necessary to ensure a smooth transition and minimize potential disruptions or inconsistencies during the upgrade process.
Binance To Support Phoenix v2.4 Upgrade
In an official announcement, leading cryptocurrency exchange Binance has confirmed its support for the Terra Phoenix v2.4 software upgrade. To facilitate a smooth transition, Binance will temporarily suspend LUNA deposits and withdrawals an hour before the upgrade.
However, it’s important to note that LUNA trading will continue to operate normally throughout the network upgrade.
LUNC market cap currently at $698 million on the daily chart: TradingView.com
Following the announcement, the price of LUNA experienced a surge of 10% within a few hours. This positive market reaction reflects the investors’ confidence and anticipation surrounding the upcoming upgrade. However, after the initial increase, the price of LUNA slightly declined by 2.4% and is currently trading at $0.6368 at Coingecko.
Despite the minor dip, LUNA has exhibited strength and resilience, as evidenced by a 6.2% rally over the past seven days.
The sustained upward movement in price indicates continued market interest and positive sentiment towards LUNA and its potential for growth within the Terra ecosystem.
Featured image from Baker Institute