Binance Support to $ZEN | Suspension of Depositing Tokens
According to an official announcement on Monday, Binance, which serves over 200 million users worldwide, will temporarily suspend token deposits and withdrawals on the Horizen blockchain to prevent any technical issues during the Horizen 2.0 upgrade.
Binance has assured users that it will handle all the technical requirements during the upgrade which will take place at the block height of 1,627,572, or approximately at 2024-09-12 08:00 (UTC).Once the network stabilizes and is ready to process transactions, the company will resume trading on the Horizen blockchain.
“Deposits and withdrawals for token(s) on the aforementioned network will be reopened once the upgraded network is deemed to be stable,” Binance said.
Additionally, Horizen’s future-proof modular architecture will enhance the functionality and interoperability between chains within the network, while maintaining robust security.
The upgrade will also enhance EVM compatibility, making it easier for Solidity developers to access powerful ZK capabilities in a familiar environment.
Meanwhile, the network is not the only blockchain undergoing an upgrade to boost performance. On Sunday, September 1, Cardano (ADA) completed an upgrade to become more decentralized, introducing a new governance mechanism that allows the community to govern the chain.
In addition to both Horizen and Cardano, other blockchain network’s such as Ethereum (ETH) underwent a significant upgrade in 2022 known as The Merge transitioning from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism.
