Through its dedicated announcement channel, Binance has issued an official statement revealing an imminent advancement for the BNB Smart Chain (BEP20) network. Notably, this upgrade is set to occur at block height 31,302,048, with a tentative date of August 30, 2023.

Throughout the upgrade procedure, the ability to deposit and withdraw tokens on the BNB Smart Chain will be momentarily paused. Furthermore, this suspension will begin approximately at 07:15 (UTC) on the specified upgrade day.

Crucially, trading of tokens on the BNB Smart Chain will continue without disruption during this process. Moreover, Binance is prepared to oversee all technical details for users and has explicitly stated that this upgrade will not result in the creation of new tokens.

However, the company has provided reassurance to users. Once they are confident in the upgraded network’s stability, they will swiftly reintroduce the ability to deposit and withdraw BEP20 tokens on the BNB Smart Chain. Subsequently, this action will occur without requiring a separate notification.

BNB Smart Chain Enhancements and Liquidity Pool Adjustments

Binance Imposes Fiat Currency Limitations for Russian Users

In addition, Binance plans to retire 39 liquidity pools. This includes popular pairs like ADA/BNB and XMR/ETH. The retirement will begin on September 1, 2023, at 12:00 (UTC). This decision follows Binance’s thorough assessment of liquidity mining.

The aim is to enhance trading quality and minimize slippage for users. Starting from August 28, 2023, at 06:00 (UTC), users won’t be able to contribute liquidity to these pools. Importantly, withdrawals from these pools will be possible until September 1, 2023, at 04:00 (UTC). Subsequently, any remaining deposits will be automatically converted into users’ Spot wallets.

However, these changes highlight Binance’s resolute dedication to fostering a secure and strong trading environment for its users. Those looking for deeper understanding of the BNB Smart Chain upgrade and the upcoming liquidity pool closures can turn to Binance’s official announcements for valuable information.

Notably, Binance emphasizes that if there are differences between translated versions and the original English statement, the English version will be considered authoritative.

Read More:

1inch Investment Fund’s $10M Ethereum Purchase Follows $3.7M Profit Surge in July

Bullish Momentum in SUI, LDO, and XMR, Targets Higher Price Levels