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Support for Upgrading BNB Beacon Chain From Binance


Support for Upgrading BNB Beacon Chain From Binance
  • At a block height of 264,000,000, the BNB Beacon Chain is expected to undergo a hard fork.
  • With this upgrade, the network would no longer have DEX functionality.

Numerous networks have been concentrating on accelerating the developmental side of things as the bears present the cryptocurrency market in a negative light. Binance has also put off releasing updates. A hard fork in the BNB Beacon Chain is scheduled to occur at a block height of 264,000,000. Exchanges started to step forward and provide help for the update as it got near.

On September 2, at 6:00 [UTC], a hard fork is anticipated. The Beam network will also get an upgrade. Binance, a cryptocurrency exchange, earlier today lent its support to these impending changes.

The network would see the removal of DEX functionalities with this upgrade. On the BNB Smart Chain, these functions are anticipated to continue functioning, though. This would increase the amount of processing power on the BNB Beacon Chain. Security would receive a lot of attention in this upgrade.

Crypto.com Improves Support

Furthermore, no additional tokens would be created as a result of the hard fork. However, deposits and withdrawals from BEAM and BNB Beacon Chain would be halted. Major cryptocurrency exchange Crypto.com revealed on Wednesday that it will temporarily halt deposits and withdrawals made using the BNB Beacon Chain.

The Exchange Stated :

To ensure the safety of users’ funds during and after the upgrade, we will temporarily suspend deposits and withdrawals via the BNB Beacon Chain Mainnet in the Crypto.com App and Exchange. This will start on approximately 2 September 2022, 05:00 UTC. The trading of tokens available on the BEP2 network will not be affected during this network upgrade and hard fork.

According to the platform, Deposits and withdrawals will continue as soon as the network is solid.

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