Crypto Exchange Binance Extends Support to Upcoming Filecoin Hardfork

Sahaj  |  Apr 10, 2021

One of the leading exchanges available in the market today, Binance is going to support the upcoming hardfork of Filecoin. The decentralized file-sharing network will undergo a hard fork on April 12, 2021. Moreover, it will be interesting to find out what is the new version v11 of the most aspiring distributed network.

Filecoin Hardfork on Block 665280 and Binance Support

Block 665280 is estimated to be added on April 12, 2021, at 10:00 p.m., and following it, the Filecoin Network will be initiating a mandatory update.

The implemented upgrade will update the network structure to v11 and will enact Filecoin Improvement Protocol (FIP) 0014.

In accordance with the details of proposals shared in the main Filecoin GitHub depository, the only stimulation behind the hardfork was to make sure that all the sectors are treated equally by the Filecoin mechanisms.

The design of this proposal was penned by the core maintainer of Filecoin, Steven Li, and was presented in late February 2021.

Binance, the leading crypto exchange that accounts for around 15% of the FIL trading volume, has recently made an announcement that it will be extending its support to the activation of such an update.

Binance to Halt FIL Deposits and Withdrawals

The deposits and withdrawals of FIL will be suspended on April 12, 2021, at 4:00 p.m. UTC by Binance to make sure that the transactions are conveniently executed. 

However, it should be noted that the trading in FIL pairs is not going to be affected. In addition to this, it was revealed that the leading crypto exchange, Binance will be handling all the technical requirements that are essential for a convenient upgrade.

As recently outlined by the exchange, no new tokens will be generated as a result of the hardfork.

Recently, Filecoin (FIL) was added to the trust’s structure of a top-class digital asset manager Grayscale Investments. The community witnessed a tremendous rally after the previous FIL token addition by Grayscale.

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