NS Hard Fork LondonWhich will take place this week on Ethereum (ETH), promises to provide updates to the second largest blockchain by market capitalization. As a form of preparation, Binance announce You want to suspend some operations, such as checkouts and deposits, during the update.
With this, ETH withdrawals and deposits, as well as ERC-20 tokens, will be stopped. In addition to the strike, the Binance You mentioned what the procedure would be if users received new tokens with the update.
Operations will be suspended on Thursday (5) from 8:55 am Brasilia time. This is when the 12,965,000 block is expected to be mined, and thus the hard fork will occur.
Potential new operations and codes
As mentioned, operations with ETH and ERC-20 tokens will be suspended ten minutes before the hard fork. Therefore, any operation must be performed before this time, as Binance has not specified a time for the resumption of withdrawals and deposits.
On the other hand, the exchange also mentioned that it will distribute tokens that can be generated using hard forks. This is because, in general, users are often given new tokens when the blockchain forks. For example, anyone with 10 ETH can get 10 tokens generated in the split.
Binance will provide ETH users on the chain with the greatest computational power. We will also add users a one-to-one minority chain token, based on ETH balances held by users at block time of 12,965,000, or approximately 2021-08-05 11:55 (UTC) as shown above. More details about this distribution will be announced in a separate announcement,” the company explained.
However, if no new tokens are generated, no value will be added. Instead, Binance will simply launch trades. In this case, another announcement will also be posted.
Internal processes will follow
The suspension will also affect loans from Cryptocurrency, which will be held for ETH. This suspension will start early, Tuesday (3), at 5:00 AM, and end when the hard split occurs on Thursday.
Both retail and over-the-counter (OTC) loans will be affected.
For those who already have ETH on the platform and do not intend to withdraw, other operations will not be affected. That is, spot and margin trading, as well as the futures and options markets, will continue to function normally.
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