Binance, the world's largest cryptocurrency exchange, has announced that it will support the upcoming network upgrade and hard fork of Stacks (STX), a decentralized network that provides smart contracts and applications on Bitcoin.
According to the official announcement, the network upgrade and hard fork will occur at block height of 787,651 Bitcoin.
Binance will suspend STX deposits and withdrawals from block height of 787,645 Bitcoin to ensure the safety of users' funds. However, STX trading will not be affected during the network upgrade and hard fork. Binance will meet all relevant technical requirements for all users with STX in their account.
Network upgrade and hard fork will not result in the creation of new tokens. Once Binance decides that the upgraded network is stable, it will reopen deposits and withdrawals for STX and will not make any further announcements to users.
The Stacks (STX) network upgrade and hard fork is expected to fix a bug in the stacks-increase call affecting Stacking rewards this cycle. Stacking is a mechanism that allows STX holders to lock their tokens for a certain period of time and earn Bitcoin rewards in return.
*Not investment advice.
