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Binance has announced that it will support the upcoming Viction (VIC) network upgrade and hard fork, scheduled to occur on October 29, 2024 at block height 86,158,494. Key Details:
- Suspension of Deposits and Withdrawals: Binance will suspend deposits and withdrawals of VIC tokens starting at 10:00 AM on October 29, 2024 to ensure a smooth transition.
- Network Upgrade Time: The upgrade is expected to occur around 11:00 AM.
Post-Upgrade Tokenomics Changes:
- Increased Supply: The total token supply will increase from 100,000,000 to 210,000,000 tokens.
- Instant Circulation Increase: An additional 20,000,000 tokens will be added to the circulating supply immediately following the upgrade.
- Risk Warnings for Traders: A risk warning banner and pop-up notification will be displayed to users before trading VIC tokens.
Impact on Trading and User Experience:
- Trading Unaffected: Trading of VIC tokens will continue uninterrupted throughout the upgrade.
- Automated Technical Processes: Binance will manage all relevant technical processes for its users, ensuring that no manual processes are required.
- Deposits and Withdrawals Reopen: Binance will resume deposits and withdrawals without further announcement once the network upgrade is confirmed to be stable.
This network upgrade reflects Viction’s strategic move to adjust its tokenomics and enhance the functionality of the network, and Binance will provide seamless support to its users throughout the process.
*This is not investment advice.