Binance Reopens Withdrawal and Deposit Services for ETH, OP, ARB and Other ERC-20 Tokens After Ethereum Upgrade
On April 12th, according to official sources, Binance posted an article on social media stating that after considering the upgraded network of Ethereum Shanghai to be stable, Binan
On April 12th, according to official sources, Binance posted an article on social media stating that after considering the upgraded network of Ethereum Shanghai to be stable, Binance will reopen the deposit and withdrawal services of ETH, OP, ARB, and other ERC-20 tokens. BETH pledge will not be affected during the upgrade period.
Binance: After Ethereum completes the Shanghai upgrade and the network is stable, the relevant token charging service will be reopened
On April 12th, Binance announced on their social media accounts that they will be reopening deposit and withdrawal services for Ethereum (ETH), OP Coin (OP), ARBITRAGE (ARB), and other ERC-20 tokens after the upgrade of the Ethereum Shanghai network. This is a significant move for traders and investors who rely on Binance to manage their cryptocurrency transactions.
What is Ethereum?
Before we delve into the details of Binance’s announcement, let’s briefly review what Ethereum is. Ethereum is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (dapps). These dapps rely on Ethereum’s blockchain to maintain their integrity, security, and transparency. Ethereum’s native cryptocurrency is Ether (ETH).
The Ethereum Shanghai Upgrade
On March 19th, the Ethereum network underwent a hard fork upgrade known as the Shanghai upgrade. The purpose of this upgrade was to optimize the network’s usage and improve its security. The upgrade adjusted gas fees in the network, improved its resistance to 51% attacks and added a way to add custom transaction receipts, among other changes.
Binance’s Response
Binance is one of the world’s largest cryptocurrency exchanges, offering its users access to a vast array of cryptocurrencies. On March 19th, when Ethereum underwent the Shanghai upgrade, Binance temporarily suspended deposit and withdrawal services for ETH and other ERC-20 tokens. This was done to ensure the safety of their users’ transactions during the upgrade. On April 12th, Binance announced that they had determined the upgraded Ethereum Shanghai network was now stable and had reopened deposit and withdrawal services for ETH, OP, ARB, and other ERC-20 tokens. This is great news for traders and investors who rely on Binance to manage their cryptocurrency transactions.
Why This Matters
The reopening of deposit and withdrawal services for ETH and other ERC-20 tokens is important because it demonstrates that the Ethereum network upgrade was successful and that Binance is dedicated to ensuring the safety and reliability of their users’ transactions. It also provides a sense of stability and reassurance to traders and investors who may have been hesitant to use Binance’s services during the upgrade period.
Conclusion
Binance’s decision to reopen deposit and withdrawal services for ETH, OP, ARB, and other ERC-20 tokens after the Ethereum Shanghai upgrade is a testament to the exchange’s commitment to the safety and reliability of its users’ transactions. This move is a significant milestone for the cryptocurrency community and highlights the importance of staying up-to-date on network upgrades and maintaining open communication with customers.
FAQs
1. How long were deposit and withdrawal services suspended for ETH and other ERC-20 tokens on Binance?
Ans: Binance temporarily suspended deposit and withdrawal services on March 19th and reopened them on April 12th.
2. What is the purpose of the Ethereum Shanghai upgrade?
Ans: The purpose of the upgrade was to optimize the network’s usage and improve its security.
3. Will BETH pledge be affected during the upgrade period?
Ans: No, BETH pledge will not be affected during the upgrade period.
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