FIRO, the native token of the privacy-focused blockchain Firo, has shown an increase of nearly 4% following Binance’s announcement regarding its upcoming network update and hard fork. This update and hard fork will take place at block height 958,655 in September 2024.
Binance Suspends FIRO Transactions
Binance has informed users that it will suspend deposits and withdrawals for FIRO starting September 16, 2024. This measure aims to provide the best user experience during the network update and hard fork. Transactions will resume once the update is completed and network stability is assured. With the new Firo v0.14.14.0 update, significant changes will occur in FIRO’s tokenomics. FIRO plans to halt future emissions, with the total token supply expected to reach 21.4 million earlier than initially planned within the next 5-6 years. After reaching this target, the annual inflation rate will begin to decline.
Updates in Other Blockchains
Firo is not the only blockchain undergoing updates this month. On September 1, Cardano implemented the Chang hard fork, aiming to enhance its decentralization. Binance temporarily suspended deposits and withdrawals for Cardano to ensure a smooth transition. In the same month, Enjin and Polygon also executed updates. Enjin introduced a new version titled 'Kampong Glam,' expected to significantly improve performance and user experience. Polygon also adopted a new name and token as a layer-2 solution on Ethereum. These changes highlight the ongoing evolution and adaptability of blockchain technologies and cryptocurrencies. The updates for FIRO and other blockchains aim to provide a better experience for users. The developments are noteworthy events for those actively monitoring the crypto world, with FIRO’s new token model and innovations from other projects indicating dynamic shifts in the sector.
In conclusion, the updates and hard forks being undertaken by various blockchains demonstrate their continuous pursuit of improvement and adaptability. Such changes are highly significant for the entire cryptocurrency ecosystem, offering users new opportunities and higher levels of reliability.
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