Binance Supports the Zilliqa Network Upgrade and Hard Fork (ZIL): What You Need to Know
Announcement of Binance's Support for the Zilliqa Network Upgrade
On June 20, the cryptocurrency exchange Binance officially announced its plan to support the upgrade and hard fork of the Zilliqa (ZIL) network. This process is a crucial part of optimizing the blockchain, enhancing scalability and cybersecurity. This event will directly affect ZIL users, as it requires temporary suspensions of activities to ensure data integrity and transaction operations.
Downtime for Deposits and Withdrawals and When Upgrades Will Take Place
To ensure a smooth user experience, Binance will temporarily suspend ZIL deposit and withdrawal services starting at 7 AM Beijing time on June 23. The upgrade and hard fork are expected to occur at block number 4,770,087, around 8 AM on the same day, Beijing time. This process will ensure that the Zilliqa network can integrate new upgrades to enhance the scalability and durability of the system.
Impact of Upgrades and Hard Forks on ZIL Trading
Users need to note that during the suspension of services, ZIL deposit and withdrawal activities will be interrupted. Once the upgrade process is completed and the blockchain stabilizes, services will resume as normal. Traders should also update their account status and monitor announcements from Binance to avoid risks of decline or system errors.
Why Are Upgrades and Hard Forks Important for Ethereum and Cryptocurrencies?
The Zilliqa network upgrade through hard fork is a step forward in optimizing scalability through direct Horion solutions. This aligns with the development trend of the cryptocurrency market, where blockchains must continuously upgrade to meet rapidly growing demands and ensure higher interoperability between different blockchain ecosystems. This is a significant milestone that helps Zilliqa maintain its competitive position in the cryptocurrency industry.
Conclusion
Binance's support for the Zilliqa network upgrade and hard fork demonstrates the exchange's commitment to improving user experience as well as ensuring maximum safety for cryptocurrency transactions. Users need to closely monitor official announcements to stay updated on important times and avoid unwanted risks. This is how the ZIL token can continue to drive growth in the digital transformation journey of the global cryptocurrency market.
Source: https://tintucbitcoin.com/binance-cap-nhat-mang-zilliqa-ngay-23-6/
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