New Terra Upgrade Receives Binance Support

Paigambar Mohan Raj
Source: The VR Soldier

The Terra network will be undergoing an upgrade today following Proposal 894, which was approved by the community. The move will install three new upgrades on the network. According to the team, the Terra blockchain will temporarily halt at block 890000. This will approximately occur at 12:00 am UTC on July 29th.

According to Terra, certain problems were looked over during the May 27th hard fork. The issues are related to the creation of special accounts and how transactions are carried out on them.

Upgrades on the Terra network

The first upgrade is to allow the creation of vesting accounts via regular transactions. The Terra chain was initially programmed to only let vesting accounts be established during Genesis. Following this upgrade, transactions on the network will be able to generate vesting accounts.

The second upgrade will allow the update of a wallet address that was wrongly whitelisted. The address in question had a letter missing and hence did not receive any LUNA tokens during the initial distribution. The update will adjust the vesting period for the Pre-Attack LUNC allocation for the wallet. Moreover, the update will change the ‘1-year cliff, 4-year vesting’ to ‘30% unlocked, 6-month cliff, and 2-year vesting’.

The third and last update will allow users to send vesting tokens to the community pool via transactions. As of now, tokens distributed at Genesis cannot be sent to the community pool.

Binance, the largest crypto exchange in the world has offered its support in the Terra upgrade. The exchange has released a blog highlighting the same. The exchange further stated that the trading of LUNA on the platform will not be affected.

Furthermore, Binance will take care of all technical requirements for users holding LUNA in their accounts. Additionally, all withdrawals and deposits for LUNA will resume when the exchange deems the upgrade stable. The exchange will notify users about the same when it occurs.