BNB Chain Scheduled Hard Fork Upgrade
BNB Chain has announced a scheduled hard fork upgrade for its mainnet blockchain. The upgrade, named Zhang Heng, is expected to occur on July 19. It will introduce security improvements, including the implementation of on-chain asset reconciliation to improve security and the fixing of a security issue called “Rogue Key Attack.” BNB holders do not need to take any action, but full node operators must switch to v0.10.16. BNB Chain is currently the third largest in terms of total value locked, with $3.3 billion. However, its total value locked has declined by almost 30% since the beginning of the year and is down 85% from its all-time high in May 2021.
BNB Chain Security Improvements
- The upgrade will introduce on-chain asset reconciliation on BNB Beacon Chain to improve security.
- User balance changes will be reconciled in each block to identify issues.
- A bug fix for a security issue called “Rogue Key Attack” will also be implemented.
- BNB holders do not need to take any action, but full node operators must switch to v0.10.16.
- Last month, BNB Chain went through another hard fork called Luban.
BNB Chain’s Total Value Locked and Active Users
- BNB Chain is currently the third largest in terms of total value locked, with $3.3 billion.
- There are 626 protocols running on the network.
- BNB Chain has around 1.38 million active users.
- BNB Chain’s total value locked has declined by almost 30% since the beginning of the year.
- The largest protocol on the network is the PancakeSwap DEX.
BNB Price Outlook
BNB prices are currently down 2.3% on the day, trading at $243. The asset has lost 21% since the SEC sued Binance in early June and is down 64.5% from its all-time high in May 2021. However, it surged 6% on July 10 as users loaded up on BNB for the Arkham token sale on Binance Launchpad on July 17.
Hot Take
The scheduled hard fork upgrade and security improvements demonstrate BNB Chain’s commitment to enhancing the security and functionality of its blockchain. While the decline in total value locked and the drop in BNB prices may raise concerns, the upcoming Arkham token sale could potentially generate renewed interest and investment in BNB. It will be interesting to see how these developments impact the future growth and adoption of BNB Chain.
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