Blockchain

Binance And Crypto.com Support The BNB Beacon Chain Upgrade

On September 2, BNB Beacon Chain will undergo a massive upgrade to a block height of 264,000,000. The upgrade is intended to eliminate DEX functionality from the Beacon Chain to focus on security and features.

With the Gödel upgrade, named after Kurt Gödel, the BNB Beacon Chain will be able to focus only on security, freeing up computer capacity for other tasks.

Because the BNB smart chain already has multiple decentralized and AMM exchanges that function flawlessly, the BNB Beacon Chain DEXs have less liquidity and utilization. As a result, it must be disabled. The DEX functionalities, on the other hand, will remain active on the BNB Smart Chain.

Several exchanges, including Binance and Crypto.com, have stated that they will support this upgrade. Binance announced support for BNB Chain and BEAM network enhancements. The Changpeng Zhao-led exchange will temporarily halt chain deposits and withdrawals before resuming them once the improved networks are stable.

Crypto.com also announced that it would temporarily suspend all withdrawals and deposits through the BNB Beacon Chain to “ensure the safety of users’ funds during and after the upgrade.” The exchange continued, “the trading of tokens available on the BEP2 network will not be affected during this upgrade.”

BNB Chain network has a dual blockchain structure, BNB Beacon Chain and BNB Smart Chain.

BNB Beacon Chain is for transferring BNB and all digital assets that use the BEP2 token standard. Addresses on this network start with “BNB.”

BNB Smart Chain is also used for BNB and other digital assets. But these assets are based on the BEP20 token standard, and BNB Smart Chain is also compatible with Ethereum (ETH) Virtual Machine.Addresses on the network start with “0x”, like Ethereum.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.