Binance has officially declared its support for the upcoming network upgrades and hard forks of Shentu (CTK) and Conflux Network (CFX). Below are the critical details and timelines for these events:
Key Dates and Procedures
Shentu (CTK) Upgrade
- Estimated Start Time: September 6, 2023, at approximately 21:30 (UTC+8).
- Deposit/Withdrawal Suspension: CTK transactions will be paused around 20:30 (UTC+8) to ensure a seamless transition.
Conflux Network (CFX) Upgrade
- Estimated Start Time: September 8, 2023, at 00:00 (UTC+8).
- Deposit/Withdrawal Suspension: All CFX transactions will be temporarily halted during the upgrade.
What Users Need to Know
- No Action Required: Binance will handle all technical requirements for the upgrades. Users do not need to take any steps.
- Trading Impact: Spot and futures trading for CTK and CFX will remain unaffected unless otherwise notified.
- Post-Upgrade Stability: Deposits and withdrawals will resume once the upgraded networks are deemed stable.
Why These Upgrades Matter
Network upgrades and hard forks are essential for:
- Enhancing Security: Implementing the latest cryptographic protocols.
- Improving Scalability: Optimizing transaction throughput and efficiency.
- Adding Features: Introducing new functionalities to the blockchain ecosystem.
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Frequently Asked Questions (FAQs)
1. Will my CTK/CFX tokens be safe during the upgrade?
Yes, your assets will remain secure. Binance ensures all upgrades comply with stringent security measures.
2. How long will deposits and withdrawals be suspended?
Typically, services resume within a few hours post-upgrade, depending on network stability.
3. Can I trade CTK or CFX during the upgrade?
Yes, trading will continue unless an official announcement states otherwise.
4. What happens if I send CTK/CFX during the suspension?
Transactions will not be processed until services resume. Funds will be credited after the upgrade completes.
5. Are these upgrades mandatory?
Yes, all nodes must upgrade to remain compatible with the latest network protocols.
6. Where can I learn more about the technical changes?
Refer to the official Shentu and Conflux documentation for in-depth technical details.
Final Notes
Binance’s support for these upgrades underscores its commitment to providing a secure and innovative trading environment. Users are encouraged to follow official channels for real-time updates.