Binance has announced a temporary suspension of deposits and withdrawals on the Polygon (POL) network. This action is scheduled to begin on July 1 at 8:10 a.m. UTC as the Polygon network undergoes a significant upgrade.
The suspension is necessary to support the Bhilai Hard Fork, which introduces improvements to the network’s performance and scalability. Hard fork is set at block 73440256 date, and this is likely to be around 9:10 a.m. UTC on the same day.
During the upgrade, which will end in mid-September 2021, trading of Polygon-based tokens in Binance will not be interrupted. Binance has assured all community members that all technical issues will be taken care of to limit the inconvenience to all users.
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Transactions will be turned off on the network until the hard fork has established stability. Binance has not been promised to post another statement about providing services again. Users are recommended to check the platform in real-time.
New USDC Trading Pairs and Bot Services Set for Launch
In addition to the upgrade, Binance will also introduce two new USDC trading pairs on July 1. Trading for LPT/USDC and RVN/USDC will begin at 8:00 a.m. UTC, slightly before the Polygon suspension takes effect.
Moreover, Binance will add more trading bots on other pairs on the same day, encompassing spot algorithm orders like spot grid and DCA for LPT/USDC, RVN/USDC, and ARB/USDC. The new addition is likely to enhance users’ trading automation.
This two-fold announcement reflects Binance’s stance on sustaining the trading operation through a crucial infrastructure upgrade. The trade is willing to reduce service downtime and improve the whole platform’s functionality.
Since the Bhilai Hard Fork is slated on July 1, Binance is actively preparing to uphold the modification by further halting the transactions of the Polygon-based deposit and withdrawal components. At the same time, USDC introduces new pairs of trading as a sign of its dedication to offering many more trading opportunities.
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