South Korean exchange Bithumb has announced a temporary suspension of EGLD token deposits and withdrawals due to the MultiversX network upgrade. This measure is a standard practice in the cryptocurrency industry.
What is Happening with EGLD?
Bithumb, a major player in the South Korean cryptocurrency market, has officially informed its users about a temporary suspension of EGLD deposits and withdrawals. This measure is being implemented to facilitate a critical upgrade for the MultiversX network. Key details include:
* **Token Affected:** EGLD (Elrond Gold) * **Exchange:** Bithumb * **Action:** Temporary suspension of deposits and withdrawals * **Start Date & Time:** July 24, 2024, at 09:00 UTC * **Reason:** Support for MultiversX network upgrade
Such actions are standard in the cryptocurrency industry during significant blockchain updates.
Why is MultiversX Undergoing an Upgrade?
The MultiversX blockchain, formerly known as Elrond, is a high-throughput sharded blockchain network designed for scalability and security. Blockchain networks require periodic upgrades to improve performance, introduce new features, and enhance overall user experience. Key reasons for upgrades include:
1. **Enhanced Performance:** Optimizations that lead to faster transaction processing. 2. **Improved Security:** Updates that include security patches. 3. **New Features:** Unlocking new capabilities such as advanced smart contracts. 4. **Scalability Solutions:** Addressing rising network demands.
How Does This Impact Users?
For most EGLD holders on Bithumb, the impact of this suspension will be temporary and minimal:
* **Deposits and Withdrawals Halted:** From July 24 at 09:00 UTC, you will not be able to transfer EGLD. * **Trading Unaffected:** Typically, trading remains active and only deposits/withdrawals are affected. * **Assets Remain Safe:** Your EGLD tokens held on Bithumb will be secure; only transfers will be halted.
It's essential to plan transactions well ahead of this suspension.
The upcoming EGLD suspension on Bithumb is a standard temporary measure to support the MultiversX network upgrade. Although it requires planning for transactions, it ultimately contributes to a secure and efficient ecosystem for all EGLD holders.