With the bears painting the crypto market in red, several networks have been focusing on boosting the developmental side of things. Ethereum [ETH] and Cardano [ADA] have been sitting under the spotlight thanks to the Merge and Vasil hard fork. However, other networks like Binance have also been waiting to roll out updates. The BNB Beacon Chain is set to hard fork at a block height of 264,000,000. With this upgrade inching closer, exchanges were coming forward and extending support for the same.
The hard fork is expected to occur around 6:00 [UTC] on 2 September. In addition, the Beam network is also scheduled to undergo an upgrade. Earlier today, crypto exchange Binance extended its support to these imminent developments.
With this upgrade, the network would witness the removal of DEX features. However, these features are expected to remain active on the BNB Smart Chain. Through this, there would be more computing power on the BNB Beacon Chain. This upgrade would extensively focus on security.
While BNB holders wouldn’t have to do much ahead of the upgrade, BNB Beacon Chain DEX users would have some moving. Both fund holders, as well as token issuers, were recommended to transfer to BNB Smart Chain. However, market makers were urged to migrate to other DEXs on the BNB Smart Chain.
Additionally, the hard fork would not result in new tokens. However, BEAM and BNB Beacon Chain deposits and withdrawals would be suspended.
Crypto.com extends support towards the BNB Beacon Chain Mainnet Godel Upgrade
Just yesterday, major crypto exchange Crypto.com announced that it would temporarily suspend deposits and withdrawals through the BNB Beacon Chain. The exchange wrote,
“To ensure the safety of users’ funds during and after the upgrade, we will temporarily suspend deposits and withdrawals via the BNB Beacon Chain Mainnet in the Crypto.com App and Exchange. This will start on approximately 2 September 2022, 05:00 UTC. The trading of tokens available on the BEP2 network will not be affected during this network upgrade and hard fork.”
The platform affirmed that deposits and withdrawals would be resumed once the network is stable.