Binance has announced a temporary suspension of Zilliqa ZIL for all deposits and withdrawals. This is necessary to support the upcoming network upgrade and hard fork of the Zilliqa blockchain.
Reasons for Zilliqa ZIL Suspension
The suspension of Zilliqa ZIL operations is related to the upcoming network upgrade and hard fork of the Zilliqa blockchain. The upgrade represents a significant software update that enhances security and introduces new features. A hard fork means that the old rules of the blockchain are no longer compatible with the new ones, necessitating a transition to the updated version. These upgrades are crucial for the long-term health of any blockchain project.
When Will the ZIL Suspension Begin
The suspension of ZIL deposits and withdrawals will begin on September 24 at 5:00 p.m. UTC. Users need to be aware of this date, as any transactions initiated after this time may not be processed until the suspension is lifted. The exact duration of the suspension is not specified but typically lasts until the upgrade is successfully completed and the new chain’s stability is verified.
What Should Zilliqa (ZIL) Holders Do Now?
If you are a holder of Zilliqa (ZIL) or plan to transact with it, it is advisable to complete all operations with ZIL before September 24 at 5:00 p.m. UTC. If you wish to keep your tokens on Binance, there is no need to move them as they will be automatically recognized on the upgraded network. It is recommended to regularly check Binance’s official announcements for updates on the resumption of operations.
The temporary suspension of Zilliqa ZIL operations is a standard procedure needed to support the evolution of the blockchain and enhance its security. While it may cause some inconvenience, the long-term benefits of a more robust and efficient Zilliqa network are essential for all stakeholders.
