Binance, the world’s largest cryptocurrency exchange with daily trading volume, has made new announcements for various altcoin projects. Here are the details…
Exchange adds new trading pairs
As we have also reported as Kriptokoin.com, Binance holds the title of being the world’s largest cryptocurrency exchange. In other words, we can say that many users prefer Binance for their transactions. Therefore, Binance’s announcements are important to users. In its announcement today, the exchange announced that it will open two new trading pairs for trading. The pairs that will be traded tomorrow at 11 CEST are as follows:
- Filecoin (FIL) / Ethereum (ETH)
- Wing Finance (WING) / Ethereum (ETH)
Binance supports hard fork of Monero (XMR)
Apart from the addition of trading pairs, the exchange announced that it supports the new update for Monero (XMR). The Monero (XMR) network upgrade and hard fork will occur at a Monero block height of 2,688,888. This corresponds to 13 August 2022, 18 CEST. Also, deposits and withdrawals for XMR will be suspended from approximately August 13th, 17:00 CEST.
According to the exchange’s statement, XMR trading will not be affected during the network upgrade and hard fork. The Monero (XMR) network upgrade and hard fork will occur at a Monero block height of 2,688,888. The estimated time is for users’ reference only. Binance will meet all relevant technical requirements for all users holding XMR in their account. Once the exchange decides on the stability of the upgraded network, it will restart withdrawals and deposits.
The exchange made a statement for the Ethereum Merge
Finally, Binance made statements about Merge, which is highly anticipated to take place on Ethereum (ETH), the second largest cryptocurrency. The exchange is on the Ethereum network on the 3-4th day of 2022. announced that it is closely monitoring the development of “The Merge”, which is scheduled to take place in Q4 and could potentially result in new forked tokens. He also announced that he would support Merge. In the event of new forked tokens, Binance will evaluate support for the distribution and withdrawal of forked tokens.
Merge represents the merging of Ethereum’s existing execution layer (the Mainnet we use today) with the new proof-of-stake (PoS) consensus layer, the Beacon Chain. It eliminates the need for energy-intensive mining and instead secures the network using staked ETH. It offers greater scalability, security, and sustainability for Ethereum.
Initially, it is important to remember that the Beacon Chain is shipped separately from the Mainnet. Ethereum Mainnet Beacon Chain continues to be secured with proof of work even when running in parallel using Proof of Stake. The upcoming Merge is when these two systems finally come together and PoW has been permanently replaced by PoS.
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