Binance, one of the world’s leading cryptocurrency exchanges, has announced its strong support for Polygon (MATIC) upcoming network upgrade and hard fork.
According to the official statement, this major update is scheduled to take place around Polygon block 50,523,000, approximately November 29, 2023, according to UTC time.
One of the crucial points highlighted in the announcement is that during this upgrade process, Binance will temporarily suspend deposits and withdrawals of Polygon (MATIC) related tokens starting at 11:30 (UTC) on November 29, 2023.
Despite this suspension, the trading of these tokens will not be affected on the platform, which means that users will be able to continue carrying out operations normally.
In an effort to ensure a smooth and hassle-free transition for its users, Binance has committed to taking care of all necessary technical requirements during this period.
Once the upgrade is complete and the upgraded network is deemed stable, Binance will resume token deposits and withdrawals on the Polygon network without the need to make additional announcements.
Featured Changes and Updates in Polygon Matic
The development team has highlighted that this update is essential and mandatory for Mainnet nodes running the Bor client.
The upgrade process involves specific steps to stop and then install the new version of Bor, which includes the version tag, network name (mainnet or mumbai), and node type (sentry, validator, or archive).
Once installed, the version must be verified and the service restarted to complete the update.
Among the most significant changes introduced with the Agra Hardfork are several selected Ethereum Improvement Proposals (EIPs).
These include optimizations such as EIP-3651 for COINBASE, EIP-3855 for PUSH0 instructions, EIP-3860 for limiting and metering code initialization, and EIP-6049 for deprecating SELFDESTRUCT.
Additionally, modifications to the bytecode of the StateSyncReceiver contract and a change to the burn contract address of EIP1559 are reported.
One crucial aspect mentioned in the announcement is a change to the way Bor will handle settings. Flags set via command line (cli) arguments will now take precedence over values set in config.toml.
This could be disruptive for those relying on a combination of both configurations, as the command line flag values will take precedence over the config.toml values.
This announcement is critical for users trading Polygon Tokens (MATIC) on the Binance platform as it allows them to anticipate and prepare for the temporary suspension of deposits and withdrawals during the upgrade process.
Polygon and Binance continue to reaffirm their commitment to providing reliable and secure services to their users, even during times of significant technical upgrades to the blockchain networks they support.
