Binance Supports Terra Network Upgrade to Cosmos SDK 50

Binance, a prominent global cryptocurrency exchange, has declared its support for the upcoming network upgrade of the Terra (LUNA) network. This upgrade, scheduled to occur at block height 16,395,000, is estimated to take place on July 8, 2025, at 02:06 UTC+8. To facilitate this transition, Binance will temporarily suspend Terra (LUNA) network token deposits and withdrawals starting from July 8, 2025, at 01:06 (UTC+8). This measure is aimed at providing users with a seamless and enhanced experience during the upgrade process.

The Terra network's upgrade to Cosmos SDK 50 represents a significant milestone in its integration with modern blockchain technologies. This transition is expected to bolster the network's functionality, security, and interoperability, setting the stage for future growth and development. The upgrade is part of a broader effort by the Terra network to rebuild and regain the trust of its community following significant challenges in 2022. The network's journey has been marked by both triumphs and setbacks, with a dramatic collapse in 2022 that saw its value plummet from over $60 billion. However, the community's unwavering belief in the project's potential has driven efforts to revive and rebuild the network.

Binance's endorsement of the Terra network upgrade carries substantial weight in the cryptocurrency market. As one of the world's leading exchanges, Binance's support can attract more users and investors to the Terra network, further solidifying its position in the competitive cryptocurrency landscape. The upgrade to Cosmos SDK 50 is anticipated to bring numerous benefits, including improved scalability, enhanced security, and better interoperability with other blockchain networks. These features are essential for the Terra network's long-term success, enabling it to compete more effectively in the rapidly evolving cryptocurrency market.

Moreover, Binance's support for the Terra network upgrade underscores the importance of collaboration and innovation in the cryptocurrency industry. The market's highly competitive nature necessitates adaptability and innovation for success. By backing the Terra network upgrade, Binance demonstrates its commitment to fostering a collaborative and innovative environment where different projects can thrive and grow together. This support is a testament to the network's resilience and dedication to innovation, as well as Binance's role in promoting a dynamic and collaborative cryptocurrency ecosystem.