Binance to Temporarily Halt Ethereum (ETH) Deposits and Withdrawals for Maintenance Ahead of Dencun Network Upgrade

Binance to Temporarily Halt Ethereum (ETH) Deposits and Withdrawals for Maintenance Ahead of Dencun Network Upgrade

Crypto News – Binance, the world’s leading cryptocurrency exchange, has announced a temporary suspension of deposits and withdrawals for Ethereum (ETH) and ERC20 tokens on the ETH network. The pause is slated for wallet maintenance, expected to span approximately two hours.

Scheduled for March 6, 2024, at 7:00 a.m. (UTC), Binance’s wallet maintenance aims to optimize the ETH network. Consequently, starting from March 6, 2024, at 6:55 a.m. (UTC), deposits and withdrawals on the ETH network will be temporarily halted.

Despite this interruption, trading activities for digital assets and currencies on the Ethereum network remain unaffected during the maintenance period.

The announcement precedes the highly anticipated Dencun mainnet upgrade, set to roll out on March 13. Following successful activation across all testnets, the Dencun upgrade is primed for deployment on the Ethereum mainnet at epoch 269568, commencing on March 13, 2024, at 1:55 p.m. UTC.

This significant upgrade, succeeding last year’s Shapella update, introduces various modifications, with the spotlight on implementing ephemeral data blobs via EIP-4844, colloquially known as “protodanksharding.” This advancement aims to reduce L2 transaction fees, marking a milestone for the ETH network.

The proto-danksharding feature, originating from ETH Denver two years ago, has undergone extensive testing and development, now poised to go live on the mainnet.

Despite a 1.7% dip in the past 24 hours to $3,413, Ethereum has experienced a commendable 16% surge over the last week, reflecting Bitcoin’s 21% growth during the same period.