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Binance Will Support the Harmony (ONE) and VITE (VITE) Network Upgrades & Hard Forks
6:25 AM · Oct 24, 2024
The leading exchange by market cap, Binance, has revealed its support for hard forks and upgrades on the VITE (VITE) and Harmony (ONE) networks.
The trading firm will handle all technical undertakings to guarantee a smooth user experience.
Binance will temporarily halt ONE and VITE deposits and withdrawals during the enhancements while trading remains unaffected.
Notably, Harmony’s upgrade will happen at 64,847,872 block height, predicted for 31 October (13:00 UTC).
The exchange will suspend deposits and withdrawals an hour earlier (at noon UTC) for a smooth transition.
Further, VITE will initiate its network upgrade at 166,869,900 block height, projected for 14:30 UTC on 31 October.
Binance will halt all VITE deposits and withdrawals at around 13:30 UTC that day.
Temporary service halt
ONE and VITE trading will progress without interruptions during the hard forks and updates.
Meanwhile, Binance will announce deposit and withdrawal resumptions after confirming post-upgrade stability.
The exchange has urged investors and traders to remain vigilant during the network enhancements to handle their transactions efficiently.
Binance will perform all operations, and users need not handle any technical process during the hard forks and upgrades.
Understanding hard forks in crypto
Hard forks happen when blockchains split into two networks – with each running independently.
The event often yields new coins, though some struggle to retain worthy long-term.
For instance, none of BTC’s over 100 hard forks have thrived to outperform Bitcoin by market cap, while Ethereum’s $ETH enjoys massive success.
Notably, forked blockchains operate independently.
While the resulting tokens could compete, what occurs on one asset rarely impacts the other (unless there is a hack).
Moreover, the associated assets could be more vulnerable to market manipulations (unlike securities).
Why do developers execute hard forks?
Developers may choose to implement hard forks due to various reasons.
For example, the Ethereum network underwent a fork after an attack on the DAO (Decentralized Autonomous Organization).
The event rolled back hacker transactions that saw the blockchain losing currencies worth millions.
Moreover, DAO token investors received their stolen ETH funds.
Nonetheless, some crypto miners remained on the old chain, which Ethereum enthusiasts decided to keep, so they launched Ethereum Classic (ETC).
ONE and VITE price actions
The native token maintained bearishness, mirroring the bear dominance on the broad market.
Harmony trades at $0.01337 after a 0.50% 24-hour plunge.
Meanwhile, VITE flashed bullish tendencies after last week’s 11% slump, up 0.55% on its 24-hour chart to hover at $0.01147.
Source – Coinmarketcap
The duo exhibits notable bearish influence, signaling continued downtrends in the near term.
Nonetheless, enthusiasts can expect increased volatility days leading to the 31 October blockchain enhancements.
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