Cryptocurrency exchange giant Binance is preparing to adapt to a significant update and hard fork of THORChain (RUNE) on May 1, 2025. This proactive approach is intended to maintain seamless user experiences throughout the transition. The exchange also provided important guidelines for stakeholders engaging with RUNE.
What Impact Will Suspended Transactions Have?
Starting from 17:00 local time on May 1, 2025, Binance will temporarily halt deposit and withdrawal functions via the THORChain network. This stoppage coincides with the network upgrade and fork, and users are urged to finalize transactions prior to this cut-off to prevent disruptions.
Scheduled to occur at block 20,940,000 around 18:00 local time, the upgrade will be monitored by Binance to ensure an unhampered completion of block production.
Will RUNE Trading Be Affected by This Update?
No, RUNE trading will continue uninterrupted. Binance has confirmed that trading, including spot and other arenas, remains unaffected, despite the temporary suspension of certain transaction capabilities.
Users are not expected to engage in any technical alterations. Binance has a proven track record of ensuring flawless transitions during such updates. Their technical team is tasked with monitoring the new blockchain iteration and performing necessary verifications, resuming services only upon confirming stability.
User involvement is minimized, with no need for adjustments in wallet configurations. All procedural activities will be coordinated internally by Binance without requiring user intervention.
In summary, Binance’s proactive measures offer a robust outline of the THORChain network update:
– Deposits and withdrawals are suspended briefly to accommodate the upgrade.
– Trading of RUNE remains constant and unaffected.
– Binance will manage the update internally, relieving users of technical tasks.
– Binance ensures service resumption only post-validation of network stability.
The procedural assurance from Binance serves to bolster user confidence as the exchange adeptly manages the THORChain network transition, maintaining its reputation for operational excellence. Users are advised to follow the outlined instructions to enjoy an undisturbed trading and transaction experience during this update.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/how-will-binance-tackle-thorchains-upgrade