Binance has announced that it will support the network upgrade and hard fork for Firo (FIRO) which will begin on September 16, 2024 at approximately 07:00 UTC.
Upgrade Details
As part of this process, Binance will temporarily suspend token deposits and withdrawals on the Firo network to ensure a smooth transition and optimal user experience. The Firo network upgrade and hard fork will occur on the same day at around 08:00 UTC at block height 958,655.
Impact on Users
Despite the upgrade, trading of Firo tokens on Binance will not be affected, and the exchange will handle all technical aspects on behalf of its users. Deposits and withdrawals will resume once the network upgrade is deemed stable, and no additional announcements will be made once completed.
Planned Changes
One of the biggest changes in this upgrade is that all future halvings for FIRO tokens will be stopped. This will result in the token supply reaching 21.4 million in the next 5 to 6 years, after which the inflation rate will decrease from its current rate of 0.98% per year. Users are encouraged to review Firo's updated tokenomics for more details on the network changes.
The Firo upgrade and hard fork aim to improve the network and control token inflation, which may positively affect users in the long run.
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