Binance, a prominent cryptocurrency exchange, has released an official statement concerning an upcoming network upgrade for aelf (ELF). The update will commence on May 23, 2024, at 12:00 PM Turkey time, during which the exchange will temporarily halt deposits and withdrawals of ELF tokens to facilitate the process.
Network Upgrade Details
According to Binance, the network upgrade is planned to take place at block height 212,193,783, which is estimated to occur around 1:00 PM Turkey time on the same day. The exchange has assured its users that this measure is taken to ensure the best possible user experience during the upgrade.
What Did Binance Communicate?
In their announcement, Binance clarified that the trading of ELF tokens will proceed uninterrupted despite the suspension of deposits and withdrawals. The exchange also highlighted its commitment to handling all technical aspects related to the upgrade, ensuring a smooth transition for all users once the network is stable.
Key Takeaways for Users
Users should take note of the following points:
- Deposits and withdrawals of ELF tokens will be paused starting from 12:00 PM Turkey time on May 23, 2024.
- The network upgrade is expected at block height 212,193,783, around 1:00 PM Turkey time.
- Trading of ELF tokens will not be affected during the upgrade.
- Deposits and withdrawals will resume once the network stabilizes.
These details are crucial for users to manage their transactions and avoid inconvenience during the upgrade period.
Conclusion
Binance’s announcement underscores its proactive approach to technical upgrades, ensuring minimal disruption to its users. The temporary suspension of deposits and withdrawals is a necessary step to guarantee the integrity and performance of the aelf network during the upgrade process.