Binance, one of the leading cryptocurrency exchanges in the world, has officially announced its support for upcoming significant updates and hard forks pertaining to the Harmony (ONE) and VITE networks. This move aims to ensure that users experience minimal disruption during the transition. The exchange takes full responsibility for managing all technical elements of these updates, maintaining a seamless trading environment while temporarily suspending deposit and withdrawal functionalities.

What Are the Key Dates for These Updates?

The first major update for the Harmony network is projected to commence on October 31, 2024, at 16:00 (UTC+3). The hard fork for the network will take place once the block height achieves 64,847,872. To facilitate this transition, Binance will halt deposit and withdrawal services starting at 15:00 (UTC+3), which is one hour before the actual update procedure begins.

How Will the VITE Network Be Affected?

Similarly, the VITE network will also experience a significant update on the same day, set to take place at 17:30 (UTC+3). This process will align with the network reaching a block height of 166,869,900. Users should be aware that deposits and withdrawals for VITE will be paused starting at 16:30 (UTC+3) in preparation for the update.

Importantly, trading on both networks will continue without interruption despite these updates. Binance has assured its users that there is no need for them to take any action as the exchange will oversee all necessary procedures related to the updates and hard forks. Furthermore, the resumption of deposit and withdrawal services will hinge on post-upgrade stability assessments conducted on both networks.

• Updates for Harmony are set to kick off on October 31, 2024.
• Deposits and withdrawals will be paused one hour prior to each network update.
• Uninterrupted trading activities will persist throughout the updates.
• Resumption of services is contingent upon successful network stability evaluations.

After the upgrades, Binance is committed to announcing the reopening of deposit and withdrawal services once there is confirmation of the safety and stability of both networks. Users are encouraged to keep an eye on Binance’s official communications to stay updated on any changes that may occur during this transition.

In my opinion, it is crucial for all Binance users and those involved in the cryptocurrency space to stay informed about these updates, as they could affect their trading strategies and asset management. I encourage you to share your thoughts on these significant developments in the comments section; your insights and experiences could benefit others in the community.