Cryptocurrency exchange Binance has announced an upcoming network upgrade for the altcoin Horizen (ZEN) aimed at enhancing user experience. Starting from 05:00 AM Turkey time on May 6, 2024, the platform will temporarily suspend deposit and withdrawal transactions for the ZEN tokens to support the upgrade process.
Details of the Network Upgrade
The upgrade is scheduled to occur at block height 1,554,150 or approximately at 06:00 AM Turkey time on the same day. Binance has planned this upgrade to ensure that the network continues to operate efficiently and securely, reflecting the exchange’s commitment to maintaining a robust infrastructure for its supported cryptocurrencies.
Impact on Trading and User Operations
Binance has confirmed that trading of ZEN tokens will not be affected during the upgrade. The suspension will only impact the deposit and withdrawal services. Once the network is considered stable post-upgrade, these services will resume without a further announcement. Binance also assures that all technical requirements for the upgrade will be met to avoid any inconvenience to its users.
Considered Points
- The upgrade is focused on improving user experience and network efficiency.
- Deposits and withdrawals of ZEN will be paused but trading continues as usual.
- Normal operations for ZEN tokens will resume immediately after the stability of the upgraded network is confirmed.
This proactive approach by Binance to enhance the Horizen network underscores its dedication to providing a secure and efficient trading environment. Users of the platform are advised to plan their trades and transactions accordingly to accommodate the temporary suspension of deposit and withdrawal services.