Lawrence Jengar
July 20, 2024 11:54
Binance has announced support for the IoTeX (IOTX) network upgrade and hard fork. This will affect deposits and withdrawals, but not trading.
Binance, one of the major cryptocurrency exchanges, has announced support for the upcoming IoTeX (IOTX) network upgrade and hard fork. According to Binance, the process will begin at 2024-07-21 23:00 (UTC), and deposits and withdrawals of IOTX tokens will be temporarily suspended to ensure a smooth transition.
Upgrade Details
Network upgrades and hard forks occur on: Block Height 31,174,201, which is expected to be reached around 2024-07-22 00:05 (UTC). Binance assured users that there will be no impact on IOTX token trading during this period. The exchange will handle all technical requirements for the upgrade.
Impact on users
Binance explained some key points to its users.
- IOTX token trading will continue without interruption.
- Binance will manage all technical aspects of the upgrade on behalf of its users.
- Deposits and withdrawals will resume once the upgraded network is deemed stable. No further announcements will be made on this matter.
As there may be differences in the translated versions, users are encouraged to refer to the original English version of the notice for the most accurate information.
Context and additional information
Network upgrades and hard forks are common occurrences in the blockchain ecosystem as projects seek to improve their protocols. IoTeX, a privacy-centric blockchain for the Internet of Things (IoT), aims to improve the performance and security of its network through this upgrade.
For more details, users can refer to the official announcement on the Binance website.
Binance also issued a warning about the risks associated with investing in digital assets, emphasizing that prices are subject to high market risk and volatility. The exchange advises users to make informed investment decisions and consult with independent financial advisors when necessary.
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