Big news for crypto enthusiasts holding Fetch.ai (FET) and MultiversX (EGLD)! Binance, a leading global cryptocurrency exchange, has just announced its official support for the upcoming network upgrades for both FET and EGLD. This is a crucial step for the continued development and stability of these blockchain networks. Let’s dive into what this means for you and your holdings.
What’s Happening with Fetch.ai (FET)? Binance Supports the Upgrade
Fetch.ai (FET) is gearing up for a network upgrade, and Binance is fully on board to ensure a smooth transition for its users. Here’s what you need to know:
- Upgrade Timeline: The Fetch.ai network upgrade is scheduled to take place at block height 14,699,873.
- Estimated Date & Time: Mark your calendars for approximately January 15th, 2024, at 15:00 (UTC).
- Binance Action: To ensure a seamless upgrade, Binance will be temporarily suspending deposits and withdrawals of FET tokens.
- Suspension Start Time: Plan ahead! FET deposits and withdrawals will be paused starting around January 15th, 2024, at 14:00 (UTC).
In essence, Binance is taking proactive steps to support the Fetch.ai network’s evolution. This upgrade is vital for enhancing the network’s performance, security, and potentially introducing new features. Think of it as essential maintenance to keep the FET ecosystem healthy and thriving.
MultiversX (EGLD) Network Upgrade: Binance’s Support Details
Not to be left behind, MultiversX (EGLD) is also preparing for its own network enhancement. Binance is extending its support to this upgrade as well. Let’s break down the key details for EGLD holders:
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- Upgrade Date: The MultiversX (EGLD) network upgrade is anticipated to occur around January 16th, 2024.
- Estimated Time: The upgrade is expected at approximately 19:05 (UTC).
- Block Height: This upgrade is targeted for block height 1,265.
- EGLD Deposit/Withdrawal Suspension: Similar to FET, Binance will temporarily halt deposits and withdrawals of EGLD tokens to facilitate the upgrade.
- Suspension Start Time: EGLD deposits and withdrawals will be suspended from approximately January 16th, 2024, at 18:05 (UTC).
Just like the FET upgrade, the MultiversX (EGLD) network upgrade is crucial for the ongoing development and improvement of the MultiversX blockchain. These upgrades often bring performance enhancements, security patches, and lay the groundwork for future innovations within the ecosystem.
Trading Unaffected: What Does This Mean for FET and EGLD Traders on Binance?
Here’s the good news for active traders! Despite the temporary suspensions of deposits and withdrawals, trading of both FET and EGLD tokens on Binance will continue as usual throughout these network upgrades.
This means you can still buy, sell, and trade FET and EGLD without interruption. The suspensions only impact the ability to move tokens into or out of your Binance wallet during the upgrade periods.
When Will Deposits and Withdrawals Resume?
Binance understands the importance of access to your funds. Deposits and withdrawals for both FET and EGLD will be reopened as soon as Binance’s technical team confirms that the upgraded networks are stable and operating smoothly.
Stay Tuned for Updates: Binance will make an official announcement once the networks are deemed stable and full functionality is restored. Keep an eye on Binance’s announcements page, social media channels, and email notifications for the latest updates on when FET and EGLD deposits and withdrawals will be re-enabled.
Why Network Upgrades Matter in Crypto
Network upgrades are a vital part of the cryptocurrency ecosystem. They are essential for:
- Enhancing Security: Upgrades often include patches to address potential vulnerabilities and strengthen network security.
- Improving Performance: They can optimize transaction speeds, reduce fees, and increase the overall efficiency of the blockchain.
- Introducing New Features: Upgrades can pave the way for new functionalities, technologies, and innovations within the cryptocurrency.
- Maintaining Stability: Regular upgrades help ensure the long-term stability and reliability of the network.
By supporting these network upgrades, Binance demonstrates its commitment to the growth and advancement of the Fetch.ai and MultiversX ecosystems.
In Conclusion: Stay Informed and Get Ready for Upgrades
Binance’s support for the Fetch.ai (FET) and MultiversX (EGLD) network upgrades is a positive sign for both projects and the broader crypto space. While there will be temporary pauses in deposits and withdrawals, these are necessary steps to ensure the long-term health and improvement of these networks.
If you are holding FET or EGLD on Binance, remember these key takeaways:
- Trading will not be affected.
- Plan for temporary suspensions of deposits and withdrawals around January 15th and 16th, 2024.
- Stay informed through Binance’s official channels for updates on when full functionality will be restored.
These upgrades are ultimately beneficial, setting the stage for more robust and innovative blockchain experiences with Fetch.ai and MultiversX. KeepHodling and stay updated!
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.