Binance supports Terra network upgrade as LUNA price surges

Binance has announced its support for the Terra (LUNA) network upgrade, version v2.21.0, scheduled for September 21 at approximately 16:00 UTC. The technical upgrade is designed to enhance the network's security, stability, and interoperability.

Following the announcement, the price of LUNA rose nearly 15% within a 24-hour period, reaching approximately $0.0536. This surge was accompanied by a significant increase in trading volume, which climbed by nearly 1290%.

To facilitate the upgrade, Binance will temporarily suspend deposits and withdrawals for tokens on the Terra network. However, the exchange confirmed that trading will remain unaffected and will continue as normal. The Terra Phoenix team noted that no direct action is required from users, though a brief network pause may occur during the validator upgrade process.