Binance is currently struggling with several setbacks. Some are regulatory, others financial. In this context of uncertainty, the crypto platform wants to bet on improving its BNB Smart Chain blockchain.
In short :
• Binance is planning a major update to its BNB Smart Chain blockchain on August 30.
• The operation includes a hard fork
• The upgrade will not affect token exchanges or result in the creation of new tokens.
BNB Smart Chain network update scheduled for August 30
For the past few days, the Binance crypto exchange has been on a slippery slope. Indeed, against the backdrop of a general collapse in crypto prices, the price of BNB fell below $220.
The situation notably led to the liquidation of several positions within Venus Protocol. Since then, circumstances have become tricky for Binance. To remain viable, the company must find a way to keep the price of BNB above $220.
This is potentially what should contribute the next update of the BNB Smart Chain blockchain. The operation is also expected to involve a hard fork. This is an event that occurs on a blockchain when there is a major protocol update.
This move is highly strategic for Binance. It should come at a specific time, namely when BNB Smart Chain will total 31,302,048 blocks. According to the company’s forecasts, this level will be reached on Wednesday August 30th.
Binance wants to keep users happy
In a press release, Binance indicated its desire to satisfy its users throughout this procedure. As a result, the company intends to take care of all the complex technical requirements related to the latter. An approach that, in addition to user satisfaction, demonstrates Binance’s commitment to operational efficiency.
Furthermore, the network upgrade and the hard fork procedure should have no impact. In particular on token trading activities on the BNB Smart Chain. Similarly, these operations will not result in the creation of new tokens.
This choice avoids any unnecessary disruption of the existing token ecosystem. For Binance, this is a commitment to transparency and security. When the latter is completed, transactions will resume on BNB Smart Chain.
Ultimately, Binance is being particularly proactive regarding the upgrade of BNB Smart Chain and the hard fork. A step that promotes the streamlining of the processes of this blockchain. An advance on which Binance is counting to strengthen the user experience, but also its delicate position on the crypto market.
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