Binance Supports Flow and Shentu Network Upgrades: What You Need to Know
On April 24th, Binance announced that it will support Flow (FLOW) and Shentu (CTK) network upgrades. During the network upgrade period, the transactions between FLOW and CTK will n
On April 24th, Binance announced that it will support Flow (FLOW) and Shentu (CTK) network upgrades. During the network upgrade period, the transactions between FLOW and CTK will not be affected. The Flow (Flow) network upgrade will take place from 15:00 (UTC) on April 26, 2023. Flow’s deposits and withdrawals will be suspended from 14:00 (UTC) on April 26, 2023. The Shentu (CTK) network upgrade will be carried out at a height of 12926000 in the Shentu block, or approximately at 00:00 am (UTC) on April 26, 2023. CTK’s deposits and withdrawals will be suspended from 23:00 (UTC) on April 25, 2023.
Binance will support Flow (FLOW) and Shentu (CTK) network upgrades
On April 24th, Binance announced its support for Flow (FLOW) and Shentu (CTK) network upgrades. During the network upgrade period, transactions between FLOW and CTK will not be affected. However, Flow’s deposits and withdrawals will be suspended from 14:00 (UTC) on April 26, 2023, and CTK’s deposits and withdrawals will be suspended from 23:00 (UTC) on April 25, 2023.
Why is Binance Supporting the Flow and Shentu Network Upgrades?
Binance is one of the largest crypto exchanges in the world, and it constantly updates and upgrades its platform to provide a smooth trading experience for users. Therefore, it is in the best interest of Binance to support network upgrades to ensure seamless transactions for its users.
What is Flow (FLOW)?
Flow is a blockchain platform founded by Dapper Labs that enables developers to create unique and innovative decentralized applications (dapps). Flow’s potential stems from its ability to handle large volumes of transactions quickly and efficiently with low fees, making it ideal for dapps that require high throughput.
What is Shentu (CTK)?
Shentu is the first-ever Cosmos-based public chain dedicated to the ecology of decentralized finance (DeFi). It is designed to make financial services more inclusive and accessible through decentralized applications. With the Shentu network upgrade, users will benefit from improved functionality and higher security.
The Flow Network Upgrade
The Flow network upgrade will take place from 15:00 (UTC) on April 26, 2023. During this time, Flow’s deposits and withdrawals on Binance will be temporarily suspended from 14:00 (UTC) on April 26, 2023. The upgrade is expected to last for a few hours, and after completion, users will be able to resume normal trading activities.
The Shentu Network Upgrade
The Shentu network upgrade will be carried out at a height of 12926000 in the Shentu block, or approximately at 00:00 am (UTC) on April 26, 2023. CTK’s deposits and withdrawals on Binance will be temporarily suspended from 23:00 (UTC) on April 25, 2023. The upgrade is expected to take a few hours, after which users will be able to access their CTK tokens and carry out trading activities as usual.
Conclusion
Binance’s support for the Flow and Shentu network upgrades is a positive sign for users of these networks who trade on the platform. The upgrades are indicative of the development of the crypto industry, without which it would not be able to progress. Despite the temporary suspension of deposits and withdrawals on Binance, the upgrades will ultimately serve to improve the overall user experience.
FAQs
Q1. What should I do if I have FLOW or CTK tokens on Binance during the network upgrades?
A1. FLOW and CTK deposits and withdrawals on Binance will be suspended during the network upgrades. Therefore, it is recommended that you refrain from depositing or withdrawing these tokens from Binance during the upgrade period.
Q2. Will the network upgrades affect my FLOW or CTK tokens held in other wallets or exchanges?
A2. No, the network upgrades will not affect FLOW or CTK tokens held in other wallets or exchanges.
Q3. What are the benefits of the network upgrades for users of the Flow and Shentu networks?
A3. The network upgrades are expected to enhance the functionality and security of the Flow and Shentu networks, making them more efficient, innovative, and accessible for users.
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