Crypto exchange Binance has revealed its plans to pause the deposits and withdrawals of aelf (ELF) tokens on its platform.
Popular crypto exchange Binance has revealed its plans to pause the deposits and withdrawals of aelf tokens ELF $0.51 24h volatility: 2.4% Market cap: $373.13 M Vol. 24h: $20.65 M on its platform. Although this decision is not permanent, the exchange noted that it is in line with its plans to support an upgrade that will soon take place on the ELF blockchain.
As Binance claims, the suspension will take effect at 17:00 (UTC+8) on January 15, 2025. That is exactly an hour before the upgrade process begins at block height 252,256,057 by 18:00 (UTC+8).
Usually, upgrades such as this one are designed to make the experiences of users on a blockchain better. So, the ELF network will be looking to achieve the same results with its scheduled upgrade.
By its calculations, this upgrade will boost both the performance of the ELF blockchain and its scalability. It will create a more thriving platform for everyone — users and developers — that has anything to do with the network.
Notably, Binance has said that trading ELF tokens on its platform will not be affected during the upgrade. However, deposit and withdrawal services will be suspended until further notice.
The exchange noted that all services should return once there is confirmation that the network has stabilized.
According to Binance, there will be no further announcement on the subject. However, users will know that the suspension has been lifted when they are able to carry out deposit and withdrawal services.
In light of this, Binance has suggested to its users to deposit their ELF tokens well ahead of the upgrade. This is to avoid any disruptions that may come along with the upgrade.
For what it might be worth, Binance has always been a pillar of support for many blockchain projects. Particularly in times of their network upgrades.
Last April, the platform played a prominent role in the Ethereum (ETH) Shanghai upgrade, which is why staked ETH can now be withdrawn. The exchange also supported various updates across several networks, including more recent ones with Dash and Optimism. Optimism’s upgrade is scheduled for January 10, 2025.
As earlier mentioned, these upgrades are carried out to improve various aspects of a blockchain. Among those are its functionality, security, and overall usability. However, even in the broader sense, upgrades also ensure that users have access to easily accessible ecosystems, and so, the ELF network will be looking to key into this.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
