Binance has announced a suspension of THORChain deposits and withdrawals set for 7 PM Turkish time on July 16.
What is the THORChain Network Upgrade?
The update on the THORChain network, accompanied by a hard fork, focuses on enhancing the system's security and efficiency. The suspension of RUNE coin activities is a precautionary measure to accommodate these updates, starting at 7 PM and reaching a critical point anticipated by 8 PM.
How Will User Experience be Affected?
Trading of RUNE tokens on Binance will proceed uninterrupted, but external wallet transfers are temporarily halted. Users should execute transactions in advance to avoid restricted fund access until the network services are resumed.
Key Points from the Situation
The primary intention behind the THORChain network upgrade is to bolster stability and scalability. Users are encouraged to regularly check Binance’s schedule to anticipate potential changes in block height or timeframes.
Binance's decision to suspend THORChain operations ensures a smooth transition during the network upgrade. By maintaining trade activities and handling technicalities, Binance minimizes disruption for users.
