Binance has announced that it supports the upcoming platform upgrade of the altcoin network Kadena.
In a blog post published on Wednesday, March 6, 2023, the cryptocurrency exchange stated that it will temporarily halt deposits and withdrawals connected to the Kadena network starting from March 6, 2024, until the network upgrade is completed on Thursday, March 7, or at block height 4,577,530.
However, despite the pause of deposits and withdrawals on the platform, the exchange noted that it will still allow trading activities for Kadena tokens, ensuring a smooth experience for traders.
Temporarily pausing deposit and withdrawal transactions is a common practice in the digital asset ecosystem, serving to optimize performance and security during maintenance or upgrades.
This decision highlights Binance’s commitment to fostering growth and stability in the digital asset market and underscores its pivotal role as a key player in advancing blockchain technology.
Binance assured users that it would handle all technical requirements on their behalf and specified that deposits and withdrawals for KDA tokens would resume once the exchange had verified the stability of the Kadena network after the upgrade.
It is worth noting that Binance had previously declared its intention to support the Kadena network at a block height of 4,177,889 in the previous year.
Meanwhile, KDA, Kadena’s native token, is currently trading at $1.71, marking a 7.40% decrease from its previous day’s price, according to data from CoinMarketCap. This slight fluctuation in the altcoin’s price may be influenced by the ongoing volatility in Bitcoin’s price, which is currently at $65,425.
Bitcoin recently recorded a new all-time-high price of $69,000 on Tuesday, March 5, before plummeting to below $62,000.
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