Binance has announced its backing of the upcoming upgrade for the Cosmos (ATOM) network set to occur at block height 18,262,000 on December 13. This support entails temporary adjustments in ATOM transaction services in preparation for the network’s enhancement.
Temporary Suspension of ATOM Transactions
In anticipation of the scheduled upgrade, Binance has outlined plans to temporarily suspend both ATOM deposits and withdrawals. The exchange schedules this suspension to commence one hour before the slated upgrade, with the aim of reinstating these services once the network upgrade successfully implements and confirms stability.
Binance emphasized in its statement,
We will reopen the deposit and withdrawal services of relevant tokens after this network upgrade, and once the network achieves stability, no further announcement will be necessary.
Market Response and ATOM’s Performance
Despite the impending temporary halt in transactions, the announcement had minimal impact on ATOM’s market value. Currently valued at approximately $11, the token’s price has exhibited stability, aligning with its valuation on December 12. Notably, ATOM has recently shown a positive trend, registering an 11% increase in its weekly trading and nearly 20% over the past 14 days.
As Binance prepares to support the Cosmos (ATOM) network’s scheduled upgrade, the exchange has outlined a temporary suspension of ATOM transaction services ahead of the planned enhancement. Despite this pause, ATOM’s market value has maintained stability, trading around $11, similar to its value preceding the announcement.
However, the token has shown promising growth in recent weeks, with substantial increases observed over both weekly and fortnightly periods.
This proactive stance from Binance signifies a strategic move to support the network’s development, ensuring a seamless transition, while prioritizing stability for users engaging with ATOM transactions on their platform.