Binance announced it will support the Terra (LUNA) network upgrade scheduled for February 25, 2025, ensuring LUNA and LUNC trading on the platform remains unaffected.
Binance’s involvement provides optimism during a crypto market downturn, reflecting its commitment to sustaining Terra’s ecosystem. Updated network security and efficiency are anticipated outcomes.
Binance Supports Terra Upgrade Scheduled for February 2025
Binance, a leading cryptocurrency exchange, confirmed its support for the upcoming Terra (LUNA) network upgrade scheduled for February 25, 2025. Deposits and withdrawals of LUNA will be temporarily suspended, though trading remains unaffected. According to Binance’s Official Blog, “Binance will support the Terra (LUNA) network upgrade and hard fork. Deposits & withdrawals on the Terra network will be suspended starting March 4, 2025, at 14:32 UTC. The upgrade will occur as scheduled, with trading remaining unaffected.”
Terra’s developer community and validators handle the technical aspect, with the upgrade occurring at block height 22,176,864. Binance communicated via official channels, reinforcing trading continuity and user confidence.
Market Downturn Boosted by Binance’s Support for LUNA
The upgrade is perceived positively, especially in light of the crypto market downturn. Binance’s support signals confidence in a potential recovery for Terra Classic (LUNC) investors, generating a buoyant sentiment.
Despite paused deposits and withdrawals, trading continues. Historical data indicates post-upgrade activity might remain stable, albeit with short-term fluctuations in on-chain activities. No major regulatory actions have been linked to this upgrade.
Terra’s Historical Upgrades: Trading Stability and TVL Insights
Past Terra upgrades, such as the 2022 and 2023 events, saw trading continuation with paused deposits. These often improve network functionality, yet price actions are mixed, influenced by broader market conditions.
Kanalcoin experts suggest observing stability in trading volumes and potential TVL increases post-upgrade. They highlight Binance’s track record of smooth transitions during such events, offering a reliable precedent for users.
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