Joerg Hiller
Oct 02, 2024 09:57
Binance confirms its backing for the upcoming upgrade of the Cosmos (ATOM) network, which will lead to a temporary pause in deposits and withdrawals on October 2, 2024.
Overview of Binance’s Support for the Cosmos Network Upgrade 🚀
Binance has declared its commitment to support the impending update of the Cosmos (ATOM) network. This upgrade is set to start on October 2, 2024, around 14:00 (UTC). This development aims to enhance the network’s performance and scalability.
Short-Term Service Suspension 🔒
In order to execute the network improvements, Binance will halt deposits and withdrawals of tokens associated with the Cosmos (ATOM) network, commencing from the time specified. This suspension will occur at block height 22,443,500, which is projected to be around 15:00 (UTC) on that same date.
Effect on Trading Activity 📈
During this upgrade, Binance assures users that trading for tokens on the Cosmos (ATOM) network will continue without interruption. The platform is set to manage all the necessary technical aspects of the upgrade, ensuring users maintain a smooth trading experience throughout this period.
Resumption of Services After Upgrades ⏳
Once the upgrade is completed and the network is confirmed to be stable, Binance will reinstate the ability to deposit and withdraw tokens on the Cosmos (ATOM) network. There will be no additional notifications regarding the resumption of these services, so users should stay attentive.
Key Information to Remember 📝
Binance has highlighted that there may be variations in translations of the initial announcement. It is recommended that users refer to the English version for the most precise and current details concerning the upgrade.
For further insights regarding the network enhancement, users can visit the official announcement posted by the Cosmos project team.
Hot Take: Key Takeaways for Crypto Enthusiasts 🔥
As Binance supports this network upgrade, it is essential to keep in mind the temporary service suspension that will affect token transactions. Understanding the timeline will allow users to plan their trading strategies accordingly, ensuring they are not caught off guard during this important update.
This year has already begun shaping up with significant advancements within cryptocurrency networks, and the Cosmos (ATOM) upgrade is a part of that evolution. Staying informed and preparing ahead will help you navigate these changes effectively.
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