The biggest cryptocurrency exchange in the world, Binance, has said that it would halt Ethereum and ERC20 token deposits and withdrawals from the ETH network for a while.
This suspension is necessary for Ethereum network wallet maintenance, which should take around two hours to complete.
On March 6, 2024, at 7:00 a.m. (UTC), Binance will carry out wallet maintenance for the Ethereum network (ETH). In light of this, beginning at 6:55 a.m. (UTC on March 6, 2024), deposits and withdrawals from the Ethereum network (ETH) will be prohibited.
https://x.com/binance/status/1763459553138504162?s=20
The exchange declared that during wallet maintenance, there would be no disruptions to the trade of virtual currencies and assets on the Ethereum network (ETH).
After the maintenance is over, Binance promises to restore deposits and withdrawals, however it might not immediately notify users through another notification.
ETH network Dencun upgrade approaches
The much-awaited Dencun mainnet update, slated for March 13, is one week ahead of Binance’s Ethereum network wallet maintenance.
Every testnet has successfully received the Dencun network upgrade. It is now prepared for deployment on the Ethereum mainnet and is scheduled to go live on the network at 1:55 p.m. UTC on March 13, 2024, epoch 269568.
The most significant change in the update, which comes after Shapella’s upgrade from the previous year, is the use of ephemeral data blobs using EIP-4844, or “protodanksharding,” which will help reduce L2 transaction fees.
After two years since the launch of ETH Denver, several testing calls, and devnets, proto-danksharding will now go live on the mainnet, marking a momentous occasion for the ETH network.
As of this writing, ETH has dropped 1.7% to $3,413, its lowest level in the previous day. Over the past seven days, Ethereum has increased by 16%, matching Bitcoin’s 21% increase throughout that time.
