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Binance, the world’s largest cryptocurrency exchange by volume, recently announced that it will support the upgrade and hard fork of the BNB Smart Chain (BSC – BEP20) in a recent announcement. Accordingly, deposit and withdrawal transactions on the BEP20 will be temporarily suspended prior to the network upgrade and hard fork.
Temporary Suspension of Deposit and Withdrawal Transactions on BEP20
Binance announced that it will support the upgrade and hard fork of BEP20, which will take place at block height 30,720,096 or approximately on August 10 at 05:00 (GMT). The giant cryptocurrency exchange stated that deposit and withdrawal transactions on the BEP20 will be temporarily suspended from 04:45 (GMT) before the network upgrade and hard fork.
Trading of existing tokens on BEP20 will not be affected by the network upgrade and hard fork, and deposit and withdrawal transactions will be resumed once it is confirmed that the network is running smoothly after the upgrade and hard fork.
Binance also added that the BEP20 network upgrade and hard fork will not result in the creation of new tokens and that all relevant technical requirements will be met for users.
Preparing for BNB Smart Chain v1.2.9 Release
The upcoming v1.2.9 release of BNB Smart Chain is the trigger for the network upgrade and hard fork supported by Binance. The v1.2.9 release is a hard fork version for both Plato and Hertz (Berlin, London) while adjusting the hard fork height for the BSC mainnet.
The BSC development team will combine the two hard forks into a single version to save on upgrade efforts due to their close block heights in the testnet.
The v1.2.9 release of BSC will transfer Plato and Hertz, which have been running and tested on the testnet for a while, to the mainnet.