Binance, a leading cryptocurrency exchange, announced its support for the upcoming Terra (LUNA) network upgrade scheduled for February 25, 2025. While deposits and withdrawals of LUNA will be temporarily suspended, trading will remain unaffected.
Confirmation of Upgrade Support
Binance confirms its support for the Terra (LUNA) network upgrade taking place on February 25, 2025. The temporary suspension of LUNA deposits and withdrawals is set for March 4, 2025, at 14:32 UTC. The Terra developer community and validators will handle the technical aspects of the upgrade, which will occur at block height 22,176,864.
Market Impact Amid Downturn
The upgrade is viewed positively, especially in light of the current downturn in the crypto market. Binance's support signals confidence in a potential recovery for Terra Classic (LUNC) investors, generating buoyant market sentiment. Despite the paused deposits and withdrawals, trading continues, and historical data suggests that market activities post-upgrade may remain stable.
Historical Terra Upgrades and Their Effects
Past upgrades on the Terra network, such as those in 2022 and 2023, demonstrated that trading continued even during deposit pauses. These upgrades often enhance network functionality, although price actions can be mixed, influenced by broader market conditions. Kanalcoin experts emphasize the importance of monitoring trading volume stability and potential TVL increases following the upgrade.
Overall, Binance's support for the Terra network upgrade reflects confidence in the project's future, despite the current state of the crypto market. This could provide hope for investors and users of the platform.
