In a recent development for the crypto community, Binance has officially announced its support for the upcoming network upgrades and hard forks of two prominent blockchain projects: Sei (SEI) and Ronin (RON). This move ensures that users trading or holding these assets on the platform will experience a seamless transition during the technical processes.
The exchange will temporarily suspend deposit and withdrawal services for SEI and RON tokens during the upgrade windows to ensure security and network integrity. Users are advised to complete all necessary transactions beforehand and stay updated through official Binance channels.
Understanding Network Upgrades and Hard Forks
Blockchain networks periodically undergo upgrades to enhance functionality, security, and performance. A hard fork is a significant change to the protocol that makes previously invalid blocks/transactions valid, or vice versa. This requires all nodes to upgrade to the latest version.
Such events are common in the crypto space and often lead to improved scalability, new features, or better governance mechanisms. For users, it’s essential to stay informed about these changes to avoid any inconvenience.
Detailed Schedule for Sei (SEI) Upgrade
The Sei network upgrade and hard fork is scheduled to occur at block height 34,078,260, which is approximately on October 24 at 00:00 UTC. In preparation, Binance will suspend deposits and withdrawals for SEI tokens starting from October 23 at 23:00 UTC.
Users can continue trading SEI on Binance spot markets during the suspension. The upgrade process is expected to be swift, with normal operations resuming once the network is stable.
Detailed Schedule for Ronin (RON) Upgrade
Similarly, the Ronin network upgrade and hard fork will take place at block height 28,825,400, estimated for October 26 at 15:00 UTC. Binance will pause RON deposits and withdrawals from October 26 at 14:00 UTC.
As with SEI, trading will remain unaffected. Users should monitor the platform for official announcements regarding the resumption of services.
What Users Need to Do
No action is required for users holding SEI or RON in their Binance spot wallets. Funds will be safe throughout the process. However, to avoid any disruption:
- Complete all deposits and withdrawals before the suspension times.
- Keep an eye on Binance announcements for updates.
- 👉 Track real-time network status for live updates.
Transactions initiated during the suspension period may not be processed and could be rejected. It’s always better to plan ahead.
The Importance of Exchange Support During Upgrades
When major exchanges like Binance support network upgrades, it significantly reduces risks for users. The exchange handles all technical complexities, ensuring that user assets are protected and that the transition is smooth.
This also boosts confidence in the projects undergoing upgrades, as it reflects institutional trust and robust infrastructure.
Frequently Asked Questions
Will my SEI or RON tokens be safe during the upgrade?
Yes, if held in your Binance spot wallet, your tokens will remain secure. The suspension only affects deposits and withdrawals temporarily.
Can I trade SEI and RON during the upgrade?
Yes, trading on spot markets will continue as usual. Only deposit and withdrawal services are paused.
What happens if I send tokens during the suspension?
Transactions may fail or be lost. It is highly recommended to avoid transferring tokens during the suspension window.
How long will the upgrade take?
The duration varies, but Binance will resume services once the network is stable. Typically, it takes a few hours.
Do I need to move my tokens to a private wallet?
No, unless you prefer self-custody. Binance manages the upgrade process for users.
Where can I get more information?
Always refer to official Binance announcements or the project’s official channels for accurate and timely updates.
Conclusion
Binance’s support for the Sei and Ronin network upgrades underscores its commitment to providing a secure and user-friendly trading environment. While these technical improvements are vital for blockchain evolution, users should take note of the service suspensions and plan accordingly. Staying informed is key to navigating the dynamic world of cryptocurrencies smoothly.