Leading cryptocurrency exchange Binance has announced its support for the planned network upgrade of Kadena (KDA). Binance added that it will temporarily suspend deposits and withdrawals for KDA and other tokens on the network prior to the network upgrade.
Binance to Take Action on March 7 for Network Upgrade
The giant cryptocurrency exchange Binance has announced that it will support the network upgrade of Kadena scheduled for March 7. The network upgrade, planned to occur at 02:00 AM local time or at block height 4,577,530, will lead to the temporary suspension of deposit and withdrawal services for KDA and other tokens on the network starting at 01:00 AM local time, just before the upgrade.
During the network upgrade process, trading of KDA and other tokens on the Kadena network will continue without interruption. However, users will not be able to deposit or withdraw their KDA to Binance until the upgraded network is considered stable. Binance has assured users that all technical requirements related to the upgrade will be handled by the exchange, ensuring a smooth transition for traders and investors.
Once the upgraded network is operational and confirmed to be stable, Binance will reopen deposit and withdrawal services for KDA and other tokens on the Kadena network. There will be no further announcement regarding the restart of deposit and withdrawal services.
Temporarily suspending deposit and withdrawal services is a standard practice in the cryptocurrency industry to ensure optimal performance and security when networks undergo upgrades or maintenance. Cryptocurrency exchanges like Binance aim to provide a smoother and more efficient trading experience for users by supporting planned network upgrades and hard forks for networks.
Kadena’s Network Upgrade
The planned network upgrade for Kadena underscores ongoing developer efforts to improve and scale Blockchain technology within the cryptocurrency ecosystem, addressing scalability, security, and usability issues.
Such upgrades are crucial for the long-term viability and success of Blockchain networks as they allow platforms to adapt to evolving user needs and technological advancements.
