Binance to Support Chiliz (CHZ) Network Upgrade and Hard Fork – Announcement and Impact on Trading

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

Binance, one of the leading cryptocurrency exchanges, has announced its support for the upcoming Chiliz (CHZ) network upgrade and hard fork. The upgrade is scheduled to take place on June 17, 2024, at approximately 08:00 UTC, with preparations starting at 07:00 UTC on the same day.

While deposits and withdrawals of Chiliz tokens will be temporarily suspended during the upgrade, Binance has assured users that trading will not be impacted. The exchange will handle all technical requirements to ensure a smooth transition for its users.

Once the upgraded network is stable, deposits and withdrawals will be reopened without any further announcement. This measure is aimed at providing the best user experience and maintaining network security and stability.

The network upgrade and hard fork are part of Chiliz’s efforts to enhance its blockchain capabilities, focusing on scalability and security. This move is expected to improve the network’s performance and provide a more robust platform for its sports and entertainment tokenization applications.

In the broader context of the cryptocurrency market, network upgrades have become increasingly common as projects seek to improve their infrastructure amidst growing adoption. Chiliz’s upgrade reflects this trend of continuous improvement in the blockchain space.

For more information on the Chiliz network upgrade and hard fork, users are advised to refer to the official announcement by Binance. Stay tuned for further updates on this developing story.