Terra (LUNA), a prominent blockchain platform, has announced an upcoming temporary halt to its chain. This scheduled downtime is necessary to facilitate a major upgrade known as Terra Core v2.4.0, as approved by the Terra community through the Phoenix Software Upgrade Proposal.
The approval of the Phoenix software upgrade v2.4, also referred to as Prop 4737, was a significant milestone for the Terra (LUNA) community.
With an overwhelming majority, 98.22% of the votes were in favor of the proposal, while only 1.78% opposed it. The high voter turnout of 53.7% demonstrated strong community engagement.
In a recent Twitter announcement, Terra provided important details regarding the chain halt. The Terra chain will pause at block height 5994365, tentatively scheduled for July 18 at 1:00 p.m. UTC.
While Terra anticipates a relatively short downtime, the exact duration will be determined by the completion of the upgrade process. Users will be notified when the chain resumes block production.
The Phoenix software upgrade v2.4 incorporates changes implemented during the Pisco testnet chain upgrade conducted by Terraform Labs on June 30. These enhancements will now be integrated into the mainnet, providing improved functionality and performance.
Notably, Binance, one of the leading cryptocurrency exchanges, has expressed its support for the Terra (LUNA) network upgrade.
However, it is essential to be aware that deposits and withdrawals of LUNA tokens on Binance will be halted one hour earlier than the chain halt, at noon (UTC) on July 18. Nonetheless, LUNA trading will continue without interruption during the network update.
Terra (LUNA) users are advised to stay informed and prepare for the temporary chain halt. This scheduled downtime is an important step towards enhancing the Terra network and ensuring optimal performance for its users.