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Binance, one of the world’s largest cryptocurrency exchanges, has announced a temporary halt on transactions related to the MultiversX (EGLD) network. This suspension is in preparation for a significant network update scheduled for March 25, 2025. Starting at 6:30 PM TR time, users will be unable to deposit or withdraw EGLD coins, with operations set to resume once the network stabilizes following the update.
What Will the MultiversX Update Entail?
The upcoming update, identified as “Spica Patch 4 – v1.8.12,” aims to shift the protocol’s sustainability rewards to a more secure multisignature wallet. This change is expected to enhance security, requiring multiple approvals for transactions, while also streamlining treasury management processes.
What Can Binance Users Anticipate?
The new multisig address for the sustainability rewards will collect 10% of the allocated funds. Validator nodes are required to upgrade to version v1.8.12.0-patch4 to avoid being locked out of the network. This ensures proper functionality and security of the MultiversX protocol.
- Transactions should be completed before the update begins.
- Pending transactions during the update may face delays.
- Trading of EGLD will remain possible during the pause.
Once the update is finalized and the network is confirmed to be stable, EGLD withdrawal and deposit operations will automatically resume. Users are encouraged to remain informed and adjust their activities accordingly during this critical period.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
