The Polygon network is preparing for a significant upgrade, which will result in a temporary suspension of operations on the Binance cryptocurrency exchange.
Binance Operations Suspension
On July 1, 2023, Binance will suspend deposits and withdrawals for the Polygon network at 4:10 PM ET in preparation for the scheduled hard fork. The upgrade is expected to occur one hour later at block height 73,440,256. Trading of Polygon tokens on Binance will continue without interruption.
Polygon Network Upgrade
The upcoming upgrade, known as the Bhilai hard fork, is a scheduled update to Polygon's core infrastructure. The upgrade involves updating Polygon's Bor nodes, which are crucial for processing transactions and maintaining network security. The new Bor version (v2.1.1) introduces changes aimed at improving network performance and supporting a key protocol improvement proposal, PIP-60.
Impact on Users
According to Polygon co-founder and CEO Sandeep Nailwal, the upgrade is expected to boost the Polygon proof-of-stake chain's throughput to around 1,000 transactions per second with finality in under five seconds. Users are advised to monitor the network's status for updates and resumption of services, as Binance will not issue a separate announcement regarding this matter.
This upgrade is part of Polygon's efforts to enhance scalability and governance, which should lead to a more efficient network operation and improved user and developer interaction.
