Users of Terra (LUNA) have been informed that the chain will soon experience a temporary stop. Users are advised to take attention that the Terra chain may experience some outage during the time frame.
The Phoenix Software update Proposal is expected to provide Terra with Terra Core v2.4.0, a significant update.
Phoenix software upgrade v2.4 has received the support of the Terra community and been accepted on-chain. The Terra (LUNA) community supported Prop 4737 with 98.22% “Yes” votes and 1.78% “No” votes. 53.7% of the electorate participated.
The chain will stop at block height 5994365, which is anticipated to happen on July 18 at 1:00 p.m. UTC, once the proposal to update Terra Core to version 2.4 is approved, according to a tweet from Terra.
Terra said that it does not anticipate a protracted period of outage and will inform users once the chain begins generating blocks on the designated day.
Pisco, a testnet chain, received an upgrade and a number of modifications on June 30 by Terraform Labs. Phoenix software upgrade v2.4 will include these changes into the Phoenix-1 mainnet.
The Terra (LUNA) network update has received the endorsement of Binance, a well-known cryptocurrency exchange. On July 18, LUNA token deposits and withdrawals will end an hour early, at 12:00 (UTC). LUNA trading won’t be hampered, though, during the network upgrade.
The new Terra 2.0 chain’s native asset, LUNA, is reacting well to the upgrade’s announcement. As of the writing of this article, LUNA has increased 13.43% in the previous day to $0.71. This is still noteworthy since, as of press time, numerous tokens were trading at a loss. LUNA has gained 23.64% during the past week as well.
