Major cryptocurrency exchange Binance will temporarily suspend token deposits and withdrawals on the Terra (LUNA) network on December 8, 2025.
Binance takes this step to support the network upgrade of Terra (LUNA), which will take place at block height 18,660,000, or 1:05 PM UTC on December 8th. This also ensures the best user experience, Binance added.
Trading of tokens on the Terra (LUNA) network is not affected as users can continue to trade. Once the upgraded network is deemed stable, deposits and withdrawals will resume, but further announcements may not be necessary.
Terra Chain will be upgraded to v2.18 on December 8, 2025. This chain upgrade includes important upgrades for blockchain stability and security. This upgrade also burns ASTRO tokens to restore proper IBC balances, which is an issue with IBC exploits.
what’s happening?
Terra (LUNA) rose 23.15% to $0.08724 over the past 24 hours. This is an outlier against the backdrop of the broader crypto market, where most cryptocurrencies traded in the red and $298 million was liquidated.
The Terra token has been sidelined since its historic crash in 2022, which wiped out billions of dollars in value.
Terra Classic (LUNC) also reflected this rise, rising 50.11% to $0.00004183 in the past 24 hours, with 24-hour trading volume increasing by 948% to $117.24 million. Terra ClassicUSD (USTC) is up 23% for the week, with 24-hour trading volume surging 1,254% to $19.29 million.
The Terra ecosystem launched the Terra 2.0 blockchain in May 2022 following the collapse of the original Terra network. The original LUNA coin was tied to the algorithmic stablecoin TerraUSD (UST), but the USD peg was lost in May 2022, causing the value of both tokens to plummet.
The new token created by the hard fork was then named Terra (LUNA), the original chain was renamed Terra Classic (LUNC), and the TerraUSD (UST) stablecoin was renamed Terra ClassicUSD (USTC).
