Binance to Pause Polygon Network Transactions Temporarily for Upcoming Upgrade
In Brief
Binance intends to halt token transactions on the Polygon network at 7:00 pm on October 13.
Binance today announced plans to temporarily suspend token deposits and withdrawals on the Polygon (MATIC) network. This move comes in anticipation of an upcoming network upgrade and hard fork for Polygon.
The Polygon project intends to execute this significant upgrade at the Proof of Stake (PoS) block level of its Heimdall network, specifically at a block height of 15,950,759. Polygon expects to hit this milestone on October 13, 2023. Given the substantial nature of this upgrade, Binance has opted to halt related transactions as a precautionary measure. Binance will start the suspension at 7:00 pm, Eastern Eighth District Time, on the announced day.
For Binance users, deposit and withdrawal services associated with the network will be interrupted. However, trading of tokens supported on the network will remain normal. Binance encourages its users to make necessary arrangements ahead of this scheduled suspension and assures them of assistance in case of any technical challenges.
Once the Polygon network upgrade is complete and shows consistent stability, Binance plans to promptly resume the deposit and withdrawal services for the related tokens. The exchange has emphasized that it won’t make further announcements regarding the resumption of services, indicating their confidence in a smooth transition.
Users seeking deeper insights into this upgrade can refer to the official project announcement from Polygon. Binance concluded its announcement by thanking its users for their continued support and understanding.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
