Binance, Elrond scale blockchain, and Filecoin, a decentralized storage network, will participate in network upgrades. At this moment, Binance is counted as the leading exchange of cryptocurrency across the globe. Cryptocurrency exchange will support the network upgrades of Elrond (EGLD) and Filecoin (FIL).
Binance Supports the Network Upgrades of Elrond and Filecoin
The giant in the crypto industry took to its official Twitter account to share the respective news. The details of the move were disclosed on the formal web portal of the exchange platform. It mentioned that the execution of the Filecoin’s (FIL) network upgrade will be done on 6th July this year. As per Binance, a temporary suspension will be witnessed in the case of withdrawals and deposits in the native token of Filecoin (FIL) initiating from the day of the upgrade’s incorporation.
While elaborating on the network upgrade of Elrond (EGLD), the exchange mentioned that the same date is specified for that also. It added that the consumers of EGLD will witness a suspension of withdrawals and deposits done in the token beginning from the 6th of the current month. The venue has been involved in several advancement projects for several previous months. Being in the position of the world’s biggest crypto exchange in terms of per annum exchange volume of up to $7.7T as well as 90M registered consumers.
Binance moved on to note some important clarifications in this regard. It asserted that the trading of EGLD or FIL will not have any impact due to both of the respective network upgrades. It also disclosed that the mentioned time in the case of these network upgrades is only for the reference of the consumers and it the process can take some time more or less than the mentioned one.
Apart from this, the crypto exchange venue revealed that it will keep a keen eye on the entirety of the technical needs of the very projects and will guarantee that they are met in a better way to assist and facilitate the consumers that hold EGLD and FIL tokens in the accounts thereof on Binance. In addition to this, the exchange assured the clients that they halted withdrawals, and deposits of EGLD and FIL will be reopened once the upgrades are incorporated successfully along with stability in the regular operations.
Filecoin’s Recent Decline
Recently in June this year, it was reported that Filecoin (the developer of FIL token) saw a decline of up to thirty percent and it was associated with overwhelming volatility. The peer-to-peer (P2P) network for file storage (that runs on decentralized technology) has the main objective of permitting the customers to trade the data thereof on the network. Storage providers are paid by Filecoin to keep the data and any single of the companies does not control the prices. This decline has steadily been witnessed since the later period of the recent year.
The above-mentioned network upgrades have been carried out while keeping in view some shortcomings and bugs in the structure of both the tokens’ platforms. Formerly, Binance collaborated with Khaby Lame (a TikTok influencer) as its brand ambassador to explain educate as well as explain the topics related to blockchain in his exclusive style called the “Khaby Move.” Some non-fungible token (NFT) collections will also be launched in this respect.
