Back to the list

IOTA (MIOTA) Deposits to Be Temporarily Suspended on Binance, Here's When and Why

source-logo  u.today 03 October 2023 17:19, UTC

Top crypto exchange Binance has announced support for IOTA's upcoming upgrade. The Stardust protocol upgrade on the IOTA network is anticipated to occur on Wednesday, Oct. 4, introducing the tokenization framework and, with it, the ability to anchor L2 smart contract chains to it.

In light of this, Binance states that deposits and withdrawals of tokens on the IOTA network will be suspended approximately starting on Oct. 4, 2023, at 5:00 a.m. (UTC).

As stated in an official IOTA blog post, the Stardust protocol upgrade and fork of the IOTA network will commence on Wednesday, Oct. 4, 2023, at around 8:00 a.m. CEST (approximately at milestone 7669900). Due to the fork, users can expect a downtime of up to four hours.

The former IOTA network will be forked, resulting in two networks: the IOTA network based on the Stardust protocol version with an increased supply, and the IOTA Classic, which will also be based on the IOTA Stardust protocol but will keep the old supply.

IOTA Stardust represents a network with a total supply of 4,600,000,000 IOTA and a circulating supply of 2,785,272,581.

Over four years, tokens will be unlocked through a temporary token release that corresponds to around 12% of new tokens per year. IOTA Stardust Classic is the second network that will be updated from the current Chrysalis protocol version to the Stardust protocol version, keeping the old supply of 2,779,530,283 IOTA.

The Stardust protocol version was originally released on the Shimmer network on Sept. 28, 2022, and has been trialed without problem since then. After the fork begins, a snapshot of the ledger will be generated and made available on GitHub under this address.

The new Firefly wallet version will also contain a tab displaying the airdrop sent to users who previously staked assembly tokens.

As stated in an earlier blog post, IOTA holders who have staked assembly tokens will be eligible for an airdrop of IOTA tokens. Following the IOTA Stardust network fork, roughly 161,000,000 IOTA, or 3.5% of the total supply, will be airdropped to IOTA stakes.