Binance, a top global cryptocurrency exchange, has announced its commitment to support the upcoming Conflux (CFX) network upgrade and hard fork scheduled for March 17, 2025.
What to Expect from the Conflux Upgrade
The Conflux development team seeks to boost network efficiency and roll out new features at the upgrade, which will occur at a block height of 118,580,000. As the hard fork involves significant alterations to the existing protocol, users must update their software accordingly. Binance will oversee all related transactions during these technical modifications, easing the process for users.
Impact on CFX Holders
The exchange informed users well in advance about the suspension of CFX operations, ensuring they remain informed and prepared. Binance clarified that no extra actions are needed from users who hold CFX coins, whether in wallets or on the exchange, during the hard fork. Trading for the altcoin will continue uninterrupted, although users should finalize any transfers before the suspension begins.
Key takeaways from this announcement include:
- Temporary suspension of CFX deposits and withdrawals starting March 17, 2025. - Users will need to update their software for the new protocol. - Trading operations for CFX will remain active during the upgrade. - Users are encouraged to complete transfers before the specified time.
Conclusion and Importance of the Upgrade
Once the upgrade is complete and the network stabilizes, Binance will automatically restore deposit and withdrawal services for CFX coins. This initiative underscores the exchange’s commitment to maintaining user asset security while enhancing the overall performance of the Conflux network.
Binance's support for the Conflux network upgrade highlights the importance of improving network efficiency and user asset security. This upgrade is expected to bring significant enhancements to the CFX infrastructure.
