Cryptocurrency exchange Binance has announced its support for a significant update to the MultiversX (EGLD) network, set to take place on March 25, 2025. Due to this update, transactions for depositing and withdrawing EGLD coins on this network will be temporarily suspended.
Changes in the MultiversX Network
The update on the MultiversX network, known as 'Spica Patch 4 – v1.8.12,' aims to transition the protocol’s sustainability rewards from a single-key wallet to a more secure multisig wallet. Multisig wallets enhance security by requiring multiple approval mechanisms, thus improving treasury management efficiency. The new multisig address to be utilized post-update is erd1qqqqqqqqqqqqqpgqfgn5rprsz2hz2rcdmgq7zcz7kzz0g8lnpfzqntl2g3. This address will collect 10% of the rewards allocated for the protocol’s sustainability, which will be used for long-term development, maintenance, and promotion of the network. MultiversX emphasized that all validator nodes must update to the new version. Nodes that do not complete the update risk being 'locked' by the network. Therefore, updating nodes to version v1.8.12.0-patch4 by the update date is essential to ensure the network operates healthily.
What Binance Users Should Know
Binance highlighted important points for users during the update process. Users are advised to complete any EGLD coin deposit or withdrawal transactions before the network upgrade commences. Transactions sent during the update may remain pending or be delayed until the network stabilizes. Binance encourages users to be cautious and plan their transactions accordingly. The exchange added that users would still be able to trade EGLD during this period. Once the update process is complete and the MultiversX network is stable, EGLD deposit and withdrawal operations will automatically resume.
Support and Completion of the Update
Binance informed that once the update process is finalized and the MultiversX network stabilizes, EGLD deposit and withdrawal functions will be automatically restored, ensuring users can continue regular operations.
The upcoming MultiversX network update is a significant step towards enhancing its security and efficiency. Binance users should carefully follow the platform's recommendations to ensure their transactions are processed smoothly and without delay.
