Binance announced Monday that it will support the upcoming Terra (LUNA) network upgrade, with the price of LUNA rising approximately 15% in the 24 hours following the announcement.
The Terra network is scheduled to undergo a v2.21.0 upgrade on September 21, focusing on strengthening network security, stability, and interoperability. According to the Terra Phoenix team, the upgrade will take place at block height 22,942,000, expected at 16:00 UTC. No action is required from users, though a brief network pause may occur during the validator upgrade process.
Binance will temporarily pause deposits and withdrawals of Terra network tokens to support the upgrade, while trading will continue unaffected. The exchange stated it will handle all technical requirements for users and resume deposits and withdrawals once the upgraded network is confirmed stable. LUNA trading will proceed as normal.
LUNA traded at $0.0536, with 24-hour lows and highs at $0.0464 and $0.0646 respectively. Trading volume increased approximately 1,290% over the previous 24 hours. The price extended weekly gains to nearly 30%.
In derivatives markets, Terra futures open interest surged more than 90% to $5.10 million over 24 hours, with Binance futures open interest doubling. However, futures LUNA open interest declined approximately 8.55% across crypto exchanges in the preceding 4 hours.
