Binance Supports Arweave (AR) Network Upgrade and Hard Fork

Binance, one of the world’s largest cryptocurrency exchanges, announced support for the upcoming Arweave (AR) network upgrade and hard fork. According to Binance, as part of this process, Binance will temporarily suspend deposits and withdrawals of AR tokens from 13:00 UTC on November 13, 2024.

Network upgrade details

The network upgrade and hard fork will take place at block height 1,547,120, expected around 14:00 UTC on the same day. AR token transactions will not be affected during this period, but users will not be able to deposit or withdraw AR tokens until the upgrade is complete and the network is stable.

Binance’s Role and Guarantees

Binance assures users that it will take care of all technical requirements related to upgrades. Once the upgraded network is deemed stable, the exchange plans to resume AR token deposits and withdrawals. Binance will not make any further announcements following the completion of the upgrade, emphasizing its confidence in a smooth transition.

Impact on Users

Temporary outages may impact transactions on the Arweave network, so users are advised to plan accordingly. However, this upgrade is expected to improve network performance and security, ultimately benefiting users in the long term.

wider context

Arweave, a decentralized storage network, has garnered attention for its unique approach to data persistence. This upgrade is part of our ongoing efforts to improve our network infrastructure, potentially strengthening adoption and usability in the cryptocurrency space.

As the cryptocurrency market continues to evolve, network upgrades like Arweave are critical to remaining competitive and ensuring strong performance. These developments are being closely watched by industry stakeholders and could have a significant impact on market dynamics.

For more information about the network upgrade, see the announcement from the Arweave project team’s official GitHub page.

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