Binance to Enable BEP20 Network Upgrade
The official newsletter from Binance announced support for the BNB Smart Chain’s upgrade and hard fork. Referred to as the Euler Upgrade, it will go live on the 22nd of June at the block height of 18,907,621. The network will suspend all deposits and withdrawals approximately at 7:00 UTC on the day.
One of the top crypto exchanges – Binance is the largest exchange in the crypto ecosystem in terms of market cap. According to multiple reputed Binance exchange reviews, the platform offers one of the best deals in the industry and trading services in multiple trading pairs for a fractional 0.1% fee. As one of the most rapidly growing crypto networks, Binance periodically rolls out new upgrades and features to better serve its user base.
The latest of its upgrades is called the Euler Upgrade, and it is named after the Swiss Mathematician and Physicist Leonhard Euler to honor his contributions to mathematics and mechanics. This hard fork is expected to bring groundbreaking changes to the network, especially with the validation mode.
As the upgrade goes live, there will be logic changes in the network at the specified block height. These changes will activate the upgrade to help users find new features and bug fixes. As the upgrade does not affect the EVM module, developers have nothing to worry about during the upgrade.
However, node operators need to switch to v1.1.11 to be able to sync with the upgraded network. The operators must stop the process and download the latest version before the specified hard fork block height. Failing to do so may affect the connectivity of the transactions.
Binance will suspend all the incoming and outgoing tokens during the Euler upgrade, meaning one cannot deposit or withdraw on Binance. The upgrade, however, will not affect the tokens already in the Binance which is the best crypto exchange Germany, and users can carry on with their trading activities as usual.
The technical side of the upgrade will be taken care of by the Binance team by all the users. The suspended operations will resume once the upgrade is complete and the network is stable. Also, there will not be a separate notification regarding the resuming of operations.
As far as the upgrades go, the upgrade will address the validator maintenance issues in the Parlia Consensus. They will introduce a temporary maintenance option to reduce validators’ offline time and stabilize chain reorganization. Also, validators in poor form will be forced to enter temporary maintenance mode.
In addition to that, the network will introduce 10 new candidate validators. These inactive validators will also be allowed to create blocks and charge gas fees but have much less chance than the 21 primary validators. The new validators will be added to the network through a governance action after the Euler upgrade.