By Blockchain News | Created at 2024-11-07 04:21:57 | Updated at 2024-11-07 07:32:46
3 hours ago
Felix Pinkston Nov 07, 2024 04:18
Binance will temporarily suspend Arweave (AR) deposits and withdrawals to support a network upgrade and hard fork, ensuring seamless user experience.
Binance, one of the world's largest cryptocurrency exchanges, has announced its support for the upcoming Arweave (AR) network upgrade and hard fork. As part of this process, Binance will temporarily suspend deposits and withdrawals of AR tokens starting from November 13, 2024, at 13:00 UTC, according to Binance.
Network Upgrade Details
The network upgrade and hard fork are scheduled to occur at the block height of 1,547,120, anticipated around 14:00 UTC on the same day. While the trading of AR tokens will remain unaffected during this period, 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 Assurance
Binance assures its users that it will manage all technical requirements associated with the upgrade. The exchange will resume AR token deposits and withdrawals once the upgraded network is deemed stable. Binance will not issue a further announcement post-upgrade completion, underscoring its confidence in a smooth transition.
Impact on Users
Users are advised to plan accordingly, as the temporary suspension may affect their transactions on the Arweave network. However, the upgrade is expected to enhance the network's performance and security, ultimately benefiting users in the long run.
Broader Context
Arweave, a decentralized storage network, has been gaining traction for its unique approach to data permanence. This upgrade is part of ongoing efforts to improve its network infrastructure, which could potentially bolster its adoption and utility in the cryptocurrency space.
As the cryptocurrency market continues to evolve, network upgrades like Arweave's are critical for maintaining competitiveness and ensuring robust performance. Such developments are closely watched by industry stakeholders and can have significant implications for the market dynamics.
For more details on the network upgrade, users can refer to the Arweave project team's announcement on their official GitHub page.
Image source: Shutterstock
