Binance Halts ETH Deposits and Withdrawals
Major cryptocurrency exchange Binance is hitting the brakes on deposits and withdrawals for Ether (ETH) as it gears up for the Ethereum Muir Glacier upgrade, set to take place at block height 9,200,000. In a blog post on December 30, Binance announced that these functions will be paused shortly before the upgrade.
Fear Not: ETH Trading Remains Unharmed
The good news? Trading of ETH will continue as usual, even during this upgrade. So, while you won’t be able to deposit or withdraw, feel free to make those wild trades. Just remember, you’ll have to wait for Binance to run its checks before your funds can rejoin the crypto dance floor.
The Urgency of Deposits
Binance has urged users to process their deposits well in advance of the network’s block height. They emphasize that handling all technical requirements for users holding ETH in their accounts is their top priority. So, consider this your warning: give yourself enough time to avoid playing hide-and-seek with your own money.
- Make sure your deposits are completed before the big upgrade.
- Stay tuned; Binance won’t send out specific announcements about reopening functionalities.
Understanding the Muir Glacier Upgrade
Set for activation on January 1, 2020, the Muir Glacier upgrade is designed to address issues stemming from the previous Istanbul upgrade. The main focus is on EIP 2384, which aims to delay the infamous “difficulty bomb.” This bomb is essentially a method that makes block generation increasingly tricky over time—quite the thorn in the side for miners and developers alike.
The Importance of Upgrade Coordination
The Ethereum community, particularly the Ethereum Cat Herders, has indicated that the Muir Glacier upgrade is vital for sequencing future updates correctly. The unpredictability of the difficulty bomb’s timing, which was underestimated during the Istanbul upgrade, has sparked this necessary change. Node operators and miners who didn’t get on board earlier are encouraged to update their clients promptly, ensuring a smoother future on the Ethereum blockchain.
