Binance to Support Chiliz (CHZ) Network Upgrade and Hard Fork

Binance
has
announced
that
it
will
support
the
upcoming
Chiliz
(CHZ)
network
upgrade
and





hard
fork.
According
to
Binance,
the
upgrade
is
scheduled
to
take
place
on
June
17,
2024,
at
approximately
08:00
UTC.
In
preparation
for
this,
Binance
will
suspend
the
deposits
and
withdrawals
of
Chiliz
tokens
starting
at
07:00
UTC
on
the
same
day.

Impact
on
Trading

Despite
the
suspension
of
deposits
and
withdrawals,
Binance
has
assured
users
that
the
trading
of
Chiliz
tokens
will
not
be
impacted
during
the
network
upgrade
and
hard
fork.
The
exchange
will
handle
all
technical
requirements
involved
in
the
process,
ensuring
a
smooth
transition
for
all
users.

Reopening
of
Deposits
and
Withdrawals

Binance
stated
that
deposits
and
withdrawals
for
Chiliz
tokens
will
be
reopened
once
the
upgraded
network
is
deemed
stable.
However,
no
further
announcement
will
be
posted
regarding
the
reopening.
This
measure
is
intended
to
ensure
the
best
user
experience
and
maintain
the
security
and
stability
of
the
network.

Technical
Details
and
User
Impact

The
network
upgrade
and
hard
fork
are
part
of
ongoing
efforts
to
improve
the
Chiliz
blockchain.
Users
should
note
that
there
may
be
discrepancies
in
translated
versions
of
this
announcement.
For
the
most
accurate
information,
users
are
advised
to
refer
to
the
original
English
version
of
the
announcement
from
Binance.

For
further
details,
users
can
refer
to
the

official
announcement
by
Binance.

Market
Context

This
network
upgrade
comes
at
a
time
when
blockchain
networks
are
increasingly
focusing
on





scalability
and
security.
Chiliz,
known
for
its
sports
and
entertainment
tokenization,
aims
to
enhance
its
blockchain
capabilities
through
this
upgrade.
The
move
is
expected
to
bolster
the
network’s
performance
and
offer
a
more
robust
platform
for
its
various
applications.

The
cryptocurrency
market
has
seen
several
network
upgrades
in
recent
months,
with
projects
striving
to
improve
their
infrastructure
amidst
growing
adoption
and
usage.
Chiliz’s
upgrade
is
another
step
in
this
direction,
reflecting
the
broader
trend
of
continuous
improvement
in
the
blockchain
space.

Image
source:
Shutterstock