As per the official tweet, Binance, the largest digital currency exchange across the world, has announced to extend its support to the LRC or Loopring smart contract upgrade. The tweet was shared with both the Binance and crypto community via Twitter on 6th May 2019 to spread awareness about the scheduled upgrade to an increasing number of people.
— Binance (@binance) May 6, 2019
In order to make things clearer for the traders out there, Binance disclosed further details with its community through a dedicated announcement article on how the upgrade will take place. The primary highlights of this announcement are listed as follows:
- The LRC withdrawals and deposits will be stopped from 7th May 2019 at exactly 12:00 p.m. of the UTC time zone as the upgrade is scheduled to begin at this hour.
- Traders are hence advised to start the process well before time so that their LRC deposits are thoroughly processed before the scheduled time period.
- It has been determined to schedule the LRC smart contracts’ upgrade at 7715000, the determined block height of the Ethereum. The estimated time for this has been locked at 4:30 p.m. (UTC time zone), on 7th May 2019.
- Once the upgrade has taken place at the aforementioned Ethereum block height, all the LRC token deposits that are made from the earlier smart contracts won’t be accepted further.
Loopring, on the other hand, also made its community of traders aware of the protocol upgrade via their official Twitter handle. Loopring also advised users to not move their LRC balances 6 hours prior to the beginning of the upgrade till the time of its completion.
In addition to that, Loopring also asked those users having LRC in Long Term Lockout Plan (LTIP) to not carry out any action at all. For them, the balances will be mapped automatically, and their amount of LRC will remain the same. The withdrawals can be smoothly performed by users after the completion of the upgrade.
The upgrade will leave the old LRC address expired and therefore users won’t be able to do anything with it. If they try sending this old address to exchanges, it would be unrecognized. The new addresses for LRC will be recognizable by exchanges from 9th May 2019 onwards.
The newer LRC token would also continue to be a verified token that’s thoroughly ERC-20 compliant.
Loopring is the protocol for decentralized token exchanges. Loopring provides its traders with thorough control over their digital currency assets. What that means is traders who utilize Loopring, do not have to deposit their money to any custodial and/or centralized exchange through an otherwise risky and traditional procedure. The trading activity takes place directly from the wallets of the traders, on-chain. As a result, there is an increased level of flexibility, transparency as well as security.