Leading cryptocurrency exchange Binance announced that it supports aelf (ELF) network upgrade. This move underscores Binance’s commitment to improving the experience for ELF token holders and the broader cryptocurrency community.
Binance will support altcoin project’s network upgrade
cryptokoin.com As we reported, Binance, the world’s largest cryptocurrency exchange, has committed to assist with the ELF network upgrade with a block height of 175,663,892, which will be held on October 17, 2023, at 13:00 UTC. They will manage the technical aspects to ensure the security and accessibility of users’ tokens.
Meanwhile, Binance will temporarily suspend deposits and withdrawals during the upgrade. The cryptocurrency exchange said in a statement: “Binance will temporarily suspend ELF token deposits and withdrawals on the aelf network, starting from 12:00 UTC on October 17, 2023, to protect user assets. “Trading of ELF tokens on Binance will not be affected during this period.” made the statement.
What will the aelf (ELF) network upgrade bring?
The altcoin project aims to improve network stability with the upgrade. ELF states that the primary goal of the network upgrade is to improve stability, security and overall performance. Binance will reopen deposits and withdrawals once the upgraded network becomes stable. In this regard, the cryptocurrency exchange notes that it is committed to ensuring the security of users’ assets.
Additionally, Binance announced that it will provide transparency regarding the network upgrade and provide multilingual support. By the way, Binance emphasizes that in case of discrepancies, the English version of the information prevails. The exchange aims to provide information in multiple languages to accommodate users globally. Binance encourages users to refer to the project team’s official announcement for additional details regarding the ELF network upgrade to stay informed about the evolving world of cryptocurrency. The altcoin project draws attention to the following points in its announcement regarding the upgrade:
We are excited to announce that the upgrade to aelf v1.6.0 is on schedule and will take place on October 17, 2023 at 1:00 PM ET.
- Support virtual address transaction events
- Enable deterministic addresses for contract distribution
🔥We are thrilled to announce that an upgrade to aelf v1.6.0 is on schedule and will be carried out at 10:00 on October 17, 2023 (UTC).
✅Support virtual address transaction events
✅Enable deterministic addresses for contract deploymentDetails: https://t.co/DZhojYxCUh
— ælf (@aelfblockchain) October 10, 2023
Binance support is important for altcoin
Binance’s support for the aelf (ELF) network upgrade is important for the project and the cryptocurrency ecosystem. Because with these moves, the giant stock market encourages the growth and development of the ecosystem. The crypto exchange underlines its commitment to a safe and efficient upgrade process. Thus, it reaffirms its commitment to users and the broader crypto community. ELF token holders can expect an advanced network thanks to Binance’s support and technical expertise. Meanwhile, the altcoin was trading at $0.3353 at press time, with a daily gain of 1.17%. News of Binance’s support served as an upward catalyst for the token.
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