Key Takeaways:
- Binance supports network upgrades and hard forks for Chiliz (CHZ) and MultiversX (EGLD).
- The upgrades aim to enhance user experience on the respective networks.
- Trading on the affected networks will not be interrupted during the upgrades.
Binance Supports Chiliz (CHZ) and MultiversX (EGLD) Network Upgrades and Hard Forks
In a recent announcement, Binance, a major player in the cryptocurrency exchange sphere, has shown support for the upcoming network upgrades and hard forks of Chiliz (CHZ) and MultiversX (EGLD). The primary objective of these upgrades is to improve the overall user experience on their respective networks.
Details of the Network Upgrades
The Chiliz (CHZ) network is set to undergo an upgrade and hard fork at block height 13,189,711, which is expected to take place on 2024-05-20 at 07:00 UTC. To prepare for this transition, Binance will temporarily halt deposits and withdrawals of CHZ tokens on the network starting from 2024-05-20 at 06:00 UTC.
Similarly, the MultiversX (EGLD) network upgrade is scheduled for 2024-05-21 at 16:20 UTC. Binance will implement a similar suspension of deposits and withdrawals of EGLD tokens on the MultiversX network, starting around 2024-05-21 at 15:20 UTC.
Impact on Trading and User Experience
While these network upgrades and hard forks are significant events, Binance assures its users that trading activities involving tokens on these networks will continue without disruption. The exchange will manage all technical aspects for users, guaranteeing a smooth transition during the upgrade process. Deposits and withdrawals for tokens on the upgraded networks will resume once the networks stabilize. Binance will not issue another announcement regarding this matter.
Binance’s commitment to supporting major network upgrades and hard forks in the cryptocurrency domain showcases its dedication to enhancing user experience and maintaining its reputation as a prominent global cryptocurrency exchange.
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Conclusion
In conclusion, Binance’s backing of the Chiliz (CHZ) and MultiversX (EGLD) network upgrades and hard forks reflects the exchange’s proactive approach to providing a seamless trading experience for its users. By ensuring minimal disruption during these transitions and prioritizing user convenience, Binance solidifies its position as a trusted platform in the ever-evolving cryptocurrency landscape.
