Binance Temporarily Halts aelf Network Deposits and Withdrawals for Upgrade

Binance has announced that it will temporarily halt token deposits and withdrawals on the aelf network.

Binance has announced that it will temporarily halt token deposits and withdrawals on the aelf network starting January 15, 2025, at 17:00 (UTC+8) in preparation for an upcoming network update.

The network update is designed to enhance the user experience on the ELF blockchain. It is scheduled to take place at block height 252,256,057, starting around 18:00 UTC+8 on January 15, 2025, and will be implemented once the blockchain reaches this designated block height.

During the upgrade, users can still trade ELF tokens on Binance. However, deposit and withdrawal services will be temporarily suspended.

The firm advises users to deposit their ELF tokens before the scheduled upgrade to avoid disruptions. Once the upgrade is complete and the network is stable, deposits and withdrawals will resume automatically without further notification.

ELF is a decentralized blockchain designed for cloud computing, focusing on creating a scalable ecosystem that aims to develop a versatile blockchain capable of supporting a wide range of industries and applications.

Binance has been actively supporting network upgrades for several prominent tokens to enhance performance and improve the user experience across various blockchain ecosystems. Recently, the exchange announced temporary suspensions for two altcoins: DASH and TROY. Deposits and withdrawals for DASH were halted on January 7, 2025, at 19:00 ET, to accommodate a network upgrade and hard fork at block height 2,201,472, although trading remained unaffected. Users were encouraged to complete their deposits in advance.

Similarly, Binance invested in THENA, a decentralized exchange (DEX) on the BNB Chain, to support its growth and secure its position as a potential “SuperApp” for DeFi. Launched in January 2023, THENA uses the ve(3,3) tokenomics model to create a unified liquidity layer, focusing on security, scalability, and user experience. CEO Theseus expressed excitement about the partnership, noting Binance Labs’ role in scaling the platform and expanding its global reach, with more updates expected soon.

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