Blockchain
Binance will support the Chiliz (CHZ) network upgrade and hard fork
Binance has announced that it will support the next update of the Chiliz (CHZ) network and hard fork. According to Binance, the update is scheduled for June 17, 2024, at approximately 08:00 UTC. In preparation for this, Binance will suspend deposits and withdrawals of Chiliz tokens starting from 07:00 UTC on the same day.
Impact on trading
Despite the suspension of deposits and withdrawals, Binance assured users that trading of Chiliz tokens will not be affected during the network upgrade and hard fork. The exchange will manage all technical requirements involved in the process, ensuring a smooth transition for all users.
Reopening of deposits and withdrawals
Binance said deposits and withdrawals for Chiliz tokens will be reopened once the upgraded network is deemed stable. However, no further announcements regarding the reopening will be made. This measure is intended to ensure the best user experience and maintain the security and stability of the network.
Technical details and impact on the user
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 the translated versions of this announcement. For more precise information, users are advised to refer to the original English version of Binance’s announcement.
For further details users can refer to official announcement by Binance.
Market context
This network update comes at a time when blockchain networks are becoming increasingly concentrated scalability and safety. Chiliz, known for its tokenization of sports and entertainment, aims to improve its blockchain capabilities through this update. The move is expected to strengthen 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 looking to improve their infrastructure amid growing adoption and usage. The Chiliz update is another step in this direction, reflecting the broader trend of continuous improvement in the blockchain space.
Image source: Shutterstock
. . .