The Upgrade and Hard Fork for the Theta Network Will Be Supported by Binance

Binance is a crypto exchange platform that has earned a reputation for being the biggest crypto exchange platform across the globe. At the time of writing, Binance is offering support to 90 million users who have registered on the platform. They are at their liberty to trade more than 600 cryptocurrencies that have been listed on Binance.

Theta Network is a blockchain-based technology. It functions to enable users to avail its video streaming services on the internet. Theta Network also provides technological and economical solutions to reputed validators. This includes the likes of Google, Sony, and Samsung, to name a few.

Support For Theta Network

Major upgrades and a hard fork have been planned by Theta Network. To ensure that trading is not affected during the process, it has partnered with Binance.

Binance will now offer support during the process that will be conducted on Theta Network block height of 14,526,120. The process is expected to begin on March 14, 2022, at 19:00 UTC.

While users will be able to deposit their funds and withdraw their holdings, they will still be allowed to perform trade on the platform. According to the announcement made by Binance, the deposit and withdrawal of funds will be suspended on March 14, 2022, at 18:00 UTC.

The estimated completion time has not been shared by Binance yet. Theta Network has also not indicated the same. However, Binance has said that the time mentioned for the upgrade and hard fork was only for the reference of the registered users of Binance.

All the technical requirements of Theta Network will be looked into by Binance. Needless to say, this has made users optimistic about the platform, as indicated by this Binance review which is backed by comprehensive research and unbiased review.

Binance users who hold THETA in their respective accounts will continue to get support every time they attempt to finalize a trade on the crypto platform.

It is worth noting that even though the Theta Network will undergo an upgrade and hard fork, it will not create any new token. This has been signaled clearly by Binance as well as the Theta Network. Access to the Theta Network and the withdrawal feature will resume after the team gets clarity on the stability of the upgraded network. Until then, the withdrawal operations will remain suspended.

Users may have to track developments regularly. Binance has noted in its announcement that it will not publish another notice informing users about the stability of Theta Network.

With the upgrade, Theta Network aims to lower the stake of Node Validators from 2 million to 200,000. This is a huge difference that is sure to work to the advantage of the Theta Network. It will allow more users to run Validator Nodes and further decentralize the Theta protocol.