On January 15, 2025, Binance will facilitate an update for the aelf network, resulting in a temporary pause of deposit and withdrawal services during this timeframe.
Preparing for an upcoming network upgrade, Binance has disclosed that they will momentarily halt ELF token deposits and withdrawals on January 15, 2025, at 17:00 (UTC+8) to ensure a smooth transition.
The intention behind this upcoming change is to improve the entire user experience on the ELF blockchain. This update is set to take place at block number 252,256,057, which is anticipated to happen around 18:00 UTC+8 on the same day. To clarify, a block height refers to the position of a specific block within the chain, and the upgrade will be implemented when the chain reaches that particular point.
During the ELF network update, users can continue with their usual token trading activities on Binance. Yet, please note that deposit and withdrawal functions will be momentarily paused during the upgrade process.
For a smooth experience and to prevent any disruptions, Binance recommends that users pre-deposit their ELF tokens ahead of time. After the upgrade is finished and the network stabilizes, transactions like deposits and withdrawals will be restored automatically without any additional alerts.
The ELF is a decentralized blockchain designed specifically for cloud computing, striving to establish a versatile environment. Its main objective is to develop a dynamic blockchain that can accommodate multiple industries and uses.
As I type this, ELF is being traded at approximately $0.5016, giving it a total market worth of around $369.18 million. Over the last day, its trading volume has amounted to roughly $28.57 million, showing a decrease of about 34.36%.
Upgrading tokens pertains to alterations made to a blockchain’s fundamental rules or structure with the aim of enhancing usability, security, or overall efficiency. In this scenario, the anticipated ELF network upgrade is projected to enhance both performance and scalability, which are crucial for the expansion and prosperity of the ecosystem.
In 2024, Binance continuously backed improvements for various well-known cryptocurrencies. Specifically, in April of that year, Binance endorsed the Ethereum (ETH) Shanghai upgrade – a crucial milestone in ETH’s evolution towards a more efficient and eco-friendly network. This update facilitated the withdrawal of staked ETH.
As a researcher, I’m excited to share that I’ve observed Binance’s active participation in two significant network updates. Firstly, back on January 7, 2025, they supported the Dash network upgrade and hard fork. The purpose of this update was to bolster the network’s security and performance.
Secondly, Binance has announced their backing for the Optimism network update, slated for January 10, 2025. This update is focused on enhancing scalability and efficiency within the Optimism ecosystem. These updates reflect Binance’s commitment to fostering growth and innovation within the cryptocurrency space.
To continually improve the blockchain environment and offer top-tier user experiences, Binance prioritizes seamless migrations throughout upgrade processes.
To learn more about the update regarding the ELF token, kindly check out the formal announcement from our project.
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2025-01-07 08:50