Terra (LUNA) has notified its users of an upcoming temporary halt to the chain. Users are thus expected to take note, as the Terra chain might see some downtime during the period indicated.
Terra is set to receive a major upgrade, Terra Core v2.4.0, via the Phoenix Software Upgrade Proposal.
The Terra community has voted to pass the Phoenix software upgrade v2.4, with the proposal approved on-chain. Prop 4737 was approved by the Terra (LUNA) community with 98.22% "Yes" votes and 1.78% "No" votes. The total turnout was 53.7%.
In a Twitter announcement, Terra makes it known that following the passage of the proposal to upgrade Terra Core to v2.4, the chain will halt at block height 5994365, estimated to be July 18, at 1:00 p.m. UTC.
According to Terra, it does not expect an extended period of downtime and will update users when the chain starts producing blocks on the specified day.
On June 30, Terraform Labs upgraded Pisco, a testnet chain, and implemented several changes. These modifications will be incorporated into the Phoenix-1 mainnet by Phoenix software upgrade v2.4.
Binance, a leading cryptocurrency exchange, has declared support for the Terra (LUNA) network upgrade. On July 18, deposits and withdrawals of LUNA tokens will be stopped one hour earlier, at noon (UTC). However, throughout the network update, LUNA trading will not be impacted.
LUNA, the native asset of the new Terra 2.0 chain, is responding positively to the news of the upgrade. At the time of writing, LUNA was up 13.43% in the last 24 hours to $0.71. This remains significant, as several tokens traded in losses at press time. LUNA is also up 23.64% in the last seven days.