🌎 Dash Network Upgrade and Hard Fork on Binance

Dash Network Upgrade: Binance to Suspend Deposits and Withdrawals

The Dash network is set to undergo a significant upgrade and hard fork on January 7, 2025, at block height 2,201,472. In preparation, Binance will halt Dash token deposits and withdrawals starting at 19:00 (UTC+8) on the same day.

What is a Network Upgrade?

A network upgrade involves modifying the blockchain protocol to improve its functionality, security, and scalability. These upgrades can include bug fixes, new features, or optimizations. The goal is to enhance the overall performance and user experience of the blockchain.

Understanding Hard Forks

A hard fork is a specific type of update that creates two incompatible blockchain versions. This means that users must update their software to the latest version to continue using the network. Hard forks are commonly used to implement major changes, such as improving scalability or adding new features.

Key things to know about hard forks:

They create two separate blockchain versions, requiring users to update their software.
Hard forks can lead to the creation of a completely new blockchain if there is disagreement on the upgrade’s direction.
They are often used to implement significant changes, such as improving scalability or adding new features.

Binance’s Experience with Network Upgrades

Binance has supported similar upgrades in the past. For example, it facilitated smooth trading and handled technical processes during the BCH hard fork in November 2020. In April 2023, Binance supported Ethereum’s Shanghai upgrade, which introduced key improvements, such as enabling the withdrawal of staked assets.

What to Expect

During the Dash network upgrade, Binance will manage all technical aspects on behalf of its users. Trading of Dash tokens will remain unaffected. Once the network stabilizes, Binance will reopen deposits and withdrawals.