By Solomon Odunayo
Binance, the largest crypto exchange by trading volume, has recently announced that it will support the upcoming network upgrade and hard fork of VeChain (VET).
Via its official Twitter handle, Binance wrote, “Will Support the Vechain VET Network Upgrade & Hard Fork.”
#Binance Will Support the @vechainofficial $VET Network Upgrade & Hard Forkhttps://t.co/lSjjyMEOpY
— Binance (@binance) June 4, 2021
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According to the announcement, the VeChain network upgrade and hard fork will take at VeChain mainnet block height of 9,254,300, or at approximately 2021-06-07 08:00 (UTC).
Due to this upcoming development, deposits and withdrawals of the digital token VET will be suspended starting from 2021-06-07 07:00 (UTC), however, the trading of VET will not be affected during the upgrade, the report stated.
Binance further pointed out that the estimated time of the network upgrade & hard fork is for users’ reference only and is subject to change depending on block propagation.
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The report reads in part as follows:
“Binance will handle all technical requirements involved for all users holding VET in their Binance accounts. The VET network upgrade & hard fork will not result in new tokens being created.
“We will reopen deposits and withdrawals for VET once we deem the upgraded network to be stable, and we will not notify users in a further announcement.”
Why VeChain (VET) Needs the Upcoming Upgrade and Hard Fork
As earlier reported by Herald Sheets, VeChain’s upcoming upgrade and hard fork known as ETH_IST, is meant to enable the network to maintain compatibility with Ethereum virtual machine.
About three weeks ago, VeChain announced the release of the latest version of VeChainThor, a version designed to conform the network to the Ethereum Berlin hard fork that played out a few weeks ago.
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The release message on Github reads as follows:
“VeChain Thor 1.5 has been released this weekend. This includes a hard fork to support ethereum Berlin compatibility. This fork will be active on testnet starting 2021-05-20! So go update your nodes if necessary!”
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