Huobi recently announced support for the upcoming Terra (LUNA) Network Upgrade. The upgrade is set to take place on July 18 at 13:00 UTC.
The announcement was shared on the official Huobi website. The post stated that Huobi would be suspending the withdrawal and deposit services surrounding LUNA during the upgrade.
However, Huobi users can deposit the token in advance. The exchange has ensured users let the team take care of every technical requirement. Users do not have to do anything for the LUNA in their accounts.
That is why Huobi will suspend the LUNA deposit and withdrawal an hour before the actual update goes through. To ensure complete clarification among users, Huobi shared several notes in its post.
Users were notified that the upcoming LUNA upgrade will not create any new tokens. Also, the exchange will resume its LUNA services as soon as the upgrade is deemed stable. Given the popularity of LUNA among users, the news intrigued most traders.
Many new users looked for an Huobi exchange review to understand how the platform will carry the execution. Huobi has always been among the pioneers to show support for LUNA, even during the crypto dip.
Its announcement was soon followed by Binance, who also announced supporting the network upgrade. As two of the biggest crypto exchanges, the news boosted LUNA’s market price.
The token went as high as 0.00009622 dollars on Monday. However, the hike soon faltered, bringing the token back to 0.00008939 dollars. It is currently trading at a 3.49% dip in the past 24 hours.
However, the price is expected to stabilize as soon as the upgrade goes through. Seeing the stature Huobi holds, the exchange is expected to resume its services for the token within a few hours of the upgrade.
