Binance to Support the Monero Network Upgrade and Hard Fork
Binance recently announced support for the upcoming XMR (Monero) hard fork and network upgrade. The upgrade will occur when the XMR network reaches a block height of 2,688,888.
According to the estimates, it will be reached by 13th August 2022. After reaching the block height, Monero will stop withdrawals and deposits from 14:00 UTC. Binance stands among the most reliable crypto exchanges, so supporting such a major upgrade was inevitable.
However, users searched for Binance exchange reviews to better understand its services. As per the recent post by Binance on its official website, the upgrade will not stop the trading of XMR. In addition, Monero has only provided a rough estimate, so the exact timing of the upgrade is not entirely precise.
As for the Binance users that own XMR, the exchange will moderate every technical requirement to secure the Binance accounts. Deposits and withdrawals for XMRwill be reopened after the upgrade has been deemed stable.
Users will receive an official announcement regarding the same. The official post on Binance also mentioned Monero’s post about the upgrade. Published in April, this post stated the hard fork to take place on the 13th of August.
Monero released its v0.18 Fluorine Fermi in July, preparing the network for the upcoming upgrade. The development will bring numerous advancements to Monero, such as:-
- An increase in ring size from 11 to 16 will be the biggest absolute increase in the base anonymity set.
- An update to the Bulletproofs algorithm, reducing the transaction size by five to seven percent.
- Reduced wallet sync time by 30% to 40%.
- An improvement in resilience and security of the network.
- Major multi-sig improvements and fixes.
Since Binance has assured users about supporting the Monero upgrade, the consensus regarding the hard-fork is positive. In addition, the upgrade will bring significant modifications to XMR, elevating its market stature.