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Binance has announced an interruption in THORChain network’s deposits and withdrawals, scheduled to start at 7:00 PM Turkish Time on July 16. This move aligns with the network’s anticipated update and hard fork designed to elevate security protocols. Trading of the native RUNE coin remains unaffected, and Binance confirms that it will manage all technicalities independently. The blockade on deposits and withdrawals will be lifted once the network regains stability.
What is THORChain’s Network Upgrade?
The update on the THORChain network, accompanied by a hard fork, targets enhancing system security and efficiency. According to Binance, the suspension of RUNE coin activities is a precautionary measure to accommodate these changes. This maintenance begins at 7:00 PM and reaches a critical point anticipated by 8:00 PM. Users aiming to relocate their RUNE holdings should execute these transactions in advance, as the network will not honor operations during the update.
How Will User Experience be Affected?
Trading will proceed uninterrupted for users possessing THORChain’s RUNE coin on Binance. However, external wallet transfers are temporarily halted. Users should cover their liquidity requirements before the operation pauses to avoid restricted fund access until service resumption.
Binance assures seamless management of technical tasks, negating the need for users’ direct intervention. Once the network stabilizes, all activities will automatically recommence. Users can verify the restoration of normal operations through Binance’s interface.
The primary intention behind THORChain’s scheduled network upgrade is to bolster blockchain stability and scalability. Users are encouraged to regularly check Binance’s schedule to anticipate potential alterations in block height or timeframes, keeping them well-prepared.
Valuable takeaways from this situation include:
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Binance manages all technical processes, ensuring user convenience.
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Trades are uninterrupted, though external transfers face temporary blocks.
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Immediate awareness of service restoration via Binance’s platform.
Binance’s decision facilitates a smooth transition during the THORChain network upgrade. By maintaining trading activities and handling technicalities, Binance ensures minimal disruption for its users, reaffirming its commitment to customer service and operational efficiency.