Upcoming Terra (LUNA) Chain Halt for Phoenix v2.4 Upgrade

Terra (LUNA) has informed its users of an impending temporary chain halt. Users are advised to take note, as the Terra chain may experience some downtime during the indicated period.

Following the Phoenix Software Upgrade Proposal, Terra Core v2.4.0, a significant upgrade, is scheduled to be implemented.

The Terra community has voted to approve the Phoenix v2.4 software upgrade, and the proposal has been accepted on-chain.

The Terra (LUNA) assembly approved Prop 4737 with 98.22% “Yes” votes and 1.78% “No” votes. Overall participation was 53.7%.

Following the approval of the proposal to upgrade Terra Core to version 2.4, the chain will halt at block height 5994365, estimated to occur on July 18 at 1:00 p.m. UTC.

According to Terra, it does not anticipate a lengthy period of downtime and will notify users when block production resumes on the specified date.

Terraform Labs upgraded Pisco, a testnet chain, and implemented several modifications on June 30. These changes will be incorporated into the Phoenix-1 mainnet as part of Phoenix software update v2.4.

The leading cryptocurrency exchange, Binance, has announced its support for the Terra (LUNA) network upgrade.

On July 18, LUNA token deposits and withdrawals will cease one hour earlier, at noon (UTC). During the network update, LUNA trading will not be disrupted.

LUNA, the native asset of the new Terra 2.0 chain, reacts favorably to the upgrade’s news. At the time of writing, LUNA was trading at $0.71, up 13.43% in the last 24 hours.

At the time of publication, several tokens were selling at a loss. LUNA is also up 23.64 percent over the past week.