Binance has announced that it will support the upcoming Chiliz (CHZ) network upgrade and hard fork. According to Binance, the upgrade is scheduled to take place on June 17, 2024, at approximately 08:00 UTC. In preparation for this, Binance will suspend the deposits and withdrawals of Chiliz tokens starting at 07:00 UTC on the same day.
Impact on Trading
Despite the suspension of deposits and withdrawals, Binance has assured users that the trading of Chiliz tokens will not be impacted during the network upgrade and hard fork. The exchange will handle all technical requirements involved in the process, ensuring a smooth transition for all users.
Reopening of Deposits and Withdrawals
Binance stated that deposits and withdrawals for Chiliz tokens will be reopened once the upgraded network is deemed stable. However, no further announcement will be posted regarding the reopening. This measure is intended to ensure the best user experience and maintain the security and stability of the network.
Technical Details and User Impact
The network upgrade and hard fork are part of ongoing efforts to improve the Chiliz blockchain. Users should note that there may be discrepancies in translated versions of this announcement. For the most accurate information, users are advised to refer to the original English version of the announcement from Binance.
For further details, users can refer to the official announcement by Binance.
Market Context
This network upgrade comes at a time when blockchain networks are increasingly focusing on scalability and security. Chiliz, known for its sports and entertainment tokenization, aims to enhance its blockchain capabilities through this upgrade. The move is expected to bolster the network’s performance and offer a more robust platform for its various applications.
The cryptocurrency market has seen several network upgrades in recent months, with projects striving to improve their infrastructure amidst growing adoption and usage. Chiliz’s upgrade is another step in this direction, reflecting the broader trend of continuous improvement in the blockchain space.
Image source: Shutterstock
