On August 6, South Korea's leading cryptocurrency exchange Upbit announced that it would temporarily suspend Filecoin (FIL) transactions at 11:00 AM ET. This decision is directly linked to the rollout of Filecoin's new network upgrade, NV23, codenamed 'Waffle'. The NV23 upgrade aims to improve the performance and efficiency of the network. This may raise some questions among users, but it is actually just a standard precaution.
In the cryptocurrency world, network upgrades often present both risks and opportunities. Upbit's decision to suspend FIL transactions is an injunction that is frequently implemented in such upgrades. This decision, taken to prevent any disruptions that may occur during the upgrade, aims to ensure the security of the users. Upbit's goal is to ensure that the network upgrade goes smoothly and provides its users with an experience free of possible complications.
Transaction suspensions may be inconvenient for some users, but it is important to know that this process is temporary and Filecoin assets are safe. Upbit states that this temporary pause is made solely to maintain operational integrity. Users will be informed about the process by following updates regarding the resumption of transaction services.
Filecoin's NV23 upgrade brings a number of innovations to improve network performance. These innovations include improved network performance, faster processing times and cost-effective storage solutions. Additionally, support for legacy Ethereum transactions will enable better cross-chain interactions and integrations within the broader Blockchain ecosystem.
One of the important features of NV23 is the soft launch of Filecoin's F3. This feature aims to significantly reduce transaction confirmation times and improve the overall efficiency of the network, resulting in faster and more cost-effective transactions for users.
Users are advised to stay tuned for updates on when transaction services will resume. It is important for them to remember that their Filecoin assets are safe and network upgrades are usually temporary. According to the latest data, FIL is trading at $4.34, down 2.65% in the last 24 hours. When Upbit will resume FIL operations will be determined by the completion time of the upgrade process.
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