Key facts
- Binance will support the Terra network's v2.21.0 upgrade on September 21.
- The upgrade aims to improve network security, stability, and interoperability.
- LUNA price increased 15% to $0.0536 in the 24 hours prior to the announcement.
- Trading volume for LUNA surged by nearly 1290% in the last 24 hours.
- Binance will temporarily pause deposits and withdrawals for Terra network tokens.
- Trading on the Terra network will not be impacted by the upgrade.
Binance, the world's largest cryptocurrency exchange, announced on Monday that it will support the upcoming Terra (LUNA) network upgrade. The v2.21.0 upgrade, scheduled for September 21 at block height 22,942,000, is designed to enhance the network's security, stability, and interoperability.
During the upgrade, which is expected to occur around 16:00 UTC, Binance will temporarily pause deposits and withdrawals for tokens on the Terra network to ensure a smooth process. However, trading on the network will continue uninterrupted, and Binance will manage all technical aspects for its users. Deposits and withdrawals will resume once the upgraded network is deemed stable.
Following the announcement, LUNA's price experienced a significant surge, jumping nearly 15% in the past 24 hours to trade at $0.0536. This price action extended its weekly gains to almost 30%. Trading volume for LUNA also saw a dramatic increase, climbing by approximately 1290% in the last 24 hours. Derivatives market data showed mixed sentiment, with Terra futures open interest rising over 90% to $5.10 million, though LUNA open interest across exchanges saw a slight decrease.