Binance, the top cryptocurrency exchange by trade volume, has pledged support for Ethereum‘s upcoming Dencun upgrade. To facilitate this, the platform will halt deposits and withdrawals across various networks, including Ethereum and its associated layer two solutions. The suspension is scheduled to commence prior to the upgrade’s expected implementation on March 13th.
Operational Changes During the Upgrade
The trading giant will pause transactions starting at 16:25 local time, resuming them once they are assured of the network’s stable performance post-upgrade. The trading of network-native assets, however, will remain unaffected during this period. Binance has taken the onus to manage all technical preparations, ensuring a smooth transition for users.
The interruption of services is a precautionary measure, assuring that the update process on the Ethereum blockchain proceeds without issues. After the network stabilizes following the upgrade, Binance will promptly restore the deposit and withdrawal functions for affected networks.
Enhancements Brought by Dencun
The Dencun update, a blend of the terms “Deneb” and “Cancun,” signals a significant progression in Ethereum’s development path. It targets enhancements in the Consensus and Execution Layers, focusing on scalability, security, and efficiency. The update introduces Proto-Danksharding with EIP-4844 to decrease Layer 2 rollup costs through blob transactions, enabling more effective data handling and lessening storage burdens.
Additionally, it includes various other Ethereum Improvement Proposals. EIP-4788 improves cross-layer communication, EIP-6780 revamps the SELFDESTRUCT function for better smart contract security, and EIP-5656 optimizes smart contract memory operations. Further, the update refines Ethereum staking processes, with EIPs addressing voluntary exits and attestation inclusion, while promoting cost efficiency with new opcodes and smart contract execution improvements.