Binance, one of the world’s largest cryptocurrency exchanges, has announced its support for the upcoming Shapella upgrade on the Ethereum (ETH) network. This upgrade is scheduled to take place at epoch 194,048, estimated to occur on April 12th, 2023, at 22:27 (UTC).
Binance will handle all technical requirements for users holding ETH, OP, ARB, and ERC-20 tokens in their accounts. However, deposits and withdrawals for these tokens via the Ethereum, Optimism, and Arbitrum networks will be temporarily suspended approximately starting from 2023-04-12 22:20 (UTC), where applicable.
Trading of ETH, OP, ARB, and ERC-20 Tokens Unaffected During Network Upgrade
While this suspension is in effect, users will still be able to trade ETH, OP, ARB, and ERC-20 tokens as the trading of these assets will not be affected during the network upgrade.
Following the Shapella upgrade, Binance will increase the minimum unlock count of deposits into the Ethereum network from 12 blocks to 64 blocks. This increase is expected to enhance the security of the network and safeguard users’ assets.
Once the upgraded Ethereum network is deemed stable, Binance will reopen deposits and withdrawals for impacted tokens on the Ethereum, Optimism, and Arbitrum networks. Binance will not notify users in a further announcement.
The estimated time for the Ethereum network upgrade is for users’ reference only. Users are advised to stay tuned for any further announcements regarding the network upgrade.
In conclusion, Binance’s support for the Shapella upgrade on the Ethereum network is a positive development for the cryptocurrency industry. While deposits and withdrawals will be temporarily suspended, users can still trade their ETH, OP, ARB, and ERC-20 tokens. Binance’s commitment to the security of the network through the increase of the minimum unlock count is commendable and will provide users with added protection.
