Binance plans to temporarily suspend Terra (LUNA) token deposit and withdrawal services to upgrade the network on July 8, 2025.
MAIN CONTENT
Binance will temporarily suspend deposits and withdrawals of Terra (LUNA) tokens from 01:06 on July 8, 2025, according to Vietnam time.
The Terra network upgrade is being carried out at block 16,395,000 to improve the system.
Why does Binance have to temporarily suspend Terra (LUNA) deposits and withdrawals?
Binance suspends Terra deposit and withdrawal services to support the network upgrade, ensuring that the transition process occurs safely and effectively.
This temporary suspension process aims to avoid data interruption, reduce assets, and protect user rights. The upgrade helps enhance the operational capacity and security of the Terra network, which is very important in the context of the increasingly developing cryptocurrency ecosystem.
How will the Terra network upgrade take place?
The upgrade will take place at block 16,395,000, expected at 02:06 on July 8, 2025, according to Vietnam time, with the goal of improving network performance and security.
The network upgrade not only enhances stability but also helps develop DeFi applications on Terra more effectively. This is an important step towards the future of the platform.
Terra spokesperson, 2025
When the block is activated, new features will be applied simultaneously with improvements to the consensus mechanism and optimization of transaction costs for users.
The impact of the temporary suspension of token deposits and withdrawals on users
The suspension may temporarily create difficulties for investors and traders as they cannot deposit or withdraw Terra tokens during the upgrade.
However, this is a necessary step to ensure safety and long-term stability for the ecosystem. Users should monitor official announcements to proactively manage their assets during this period.
Steps users should take before the upgrade
Users need to be careful not to conduct Terra deposit and withdrawal transactions before the suspension time, and also update wallets and related software to avoid technical errors.
These proactive measures help minimize the risk of errors, protect personal assets, and optimize the experience when the network returns to normal.
Summary table of the Terra upgrade event timeline on Binance
Event Time according to Vietnam time Details Suspend Terra (LUNA) deposit and withdrawal services 01:06, July 8, 2025 Stop token trading on the Binance system to prepare for the upgrade Upgrade Terra network block 02:06, July 8, 2025 Implement the upgrade at block 16,395,000 Complete the upgrade and reopen services Expected after 02:06, July 8, 2025, Binance will announce when the deposit and withdrawal services return to normal.
Frequently Asked Questions
Does the Terra upgrade affect transactions on Binance?
The upgrade causes the Terra deposit and withdrawal services to be temporarily suspended, disrupting token transactions before and during the upgrade period; however, Binance is committed to ensuring user rights.
Do I need to do anything to prepare for this upgrade?
Users should avoid depositing and withdrawing Terra before the suspension time, monitor new announcements from Binance, and update cryptocurrency wallet applications.
How does the Terra upgrade benefit the ecosystem?
The upgrade optimizes performance and security, helping the Terra network operate more smoothly and supports the development of DeFi applications.
How long will the Terra upgrade service suspension last?
The expected duration is about 1 hour from 01:06 to 02:06 on July 8, 2025, according to Vietnam time.
Will Binance provide support if there are errors related to the upgrade?
Binance has a technical team ready to assist and regularly updates official information to resolve issues quickly.
Source: https://tintucbitcoin.com/terra-luna-nang-cap-binance-ho-tro/
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