Binance to Support Upcoming Network Upgrades for Shentu and Conflux
Rebeca Moen Sep 04, 2023 14:21
Binance plans network upgrades and hard forks for Shentu and Conflux Network next week, suspending deposits and withdrawals, but reopening once stable.
Cryptocurrency exchange Binance has announced its support for the forthcoming network upgrades and hard forks for Shentu (CTK) and Conflux Network (CFX). The upgrades are scheduled to take place within the next week, and they come with specific timelines for suspending and resuming deposits and withdrawals for the respective tokens.
Shentu Network Upgrade Details
The Shentu (CTK) network upgrade and hard fork are set to occur at block height 14,875,800, approximately on September 6, 2023, at 13:30 UTC. Binance will suspend deposits and withdrawals of CTK starting from 12:30 UTC on the same day. The exchange clarified that "the trading of CTK will not be affected during the network upgrades and hard forks."
Conflux Network Upgrade Details
Similarly, the Conflux Network (CFX) will undergo its network upgrade and hard fork at the Conflux epoch of 79,050,000. Deposits and withdrawals for CFX will be temporarily halted starting from September 7, 2023, at 16:00 UTC. As with the Shentu upgrade, trading for CFX will continue uninterrupted. (See Exclusive interview with Conflux CEO by Blockchain.News)
Technical Requirements and Token Stability
Binance has assured its users that it will "handle all technical requirements involved for all users holding CTK and CFX in their Binance accounts." Notably, neither of the network upgrades will result in the creation of new tokens.
Resumption of Services
The exchange will reopen deposits and withdrawals for both CTK and CFX once it assesses the upgraded networks to be stable. Binance has stated that it "will not notify users in a further announcement" regarding the resumption of these services.
Additional Information
For those interested in more technical details, the upgrades are associated with Shentu Release v2.7.2 and Conflux v2.3.0 Hardfork Upgrade. Voting outcomes for these proposals have also been documented.
Implications
The network upgrades are crucial for both Shentu and Conflux Network as they aim to improve scalability, security, and overall performance. While Binance's support provides a level of assurance for token holders, it's essential for users to be aware of the timelines to manage their assets effectively.
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