Binance, one of the world's leading cryptocurrency exchanges, has announced that it will support the upcoming network upgrade and Hard Fork of Zilliqa (ZIL).
According to the official announcement, the upgrade will take place on April 25, 2023 at 11:00 am and ZIL deposits and withdrawals will be suspended from approximately 10:00 am.
The network upgrade is expected to bring several improvements to the Zilliqa blockchain, including improved transaction speed, improved stability, and increased network security.
In addition, Hard Fork will implement changes to the consensus mechanism used by the Zilliqa network.
Binance recommended that users allow sufficient time for ZIL deposits to be fully processed before deposits and withdrawals are suspended.
The exchange also assured its users that their ZIL assets will not be affected by the network upgrade and the Hard Fork, and they do not need to take any additional action to ensure their ZIL tokens are safe.
Zilliqa is a high-performance blockchain platform aimed at enabling the development of scalable decentralized applications (dApps).
The network uses sharding to increase scalability and its native token ZIL is used to pay for transactions on the network and stake in the consensus mechanism.
Thanks to Binance's support for the Zilliqa network upgrade, users will be able to continue using and trading ZIL tokens on the exchange without any interruptions.
This announcement further strengthens the relationship between Zilliqa and Binance and could potentially attract new users to the Zilliqa ecosystem.
*Not investment advice.
