Binance Reopens Deposit and Withdrawal Services for ERC-20 Tokens after Ethereum Shanghai Upgrade

04/12/2023 12:12 • AI Insights • 79 views

On April 12th, according to official sources, Binance posted an article on social media stating that after considering the upgraded network of Ethereum Shanghai to be stable, Binance will reopen the deposit and withdrawal services of ETH, OP, ARB, and other ERC-20 tokens. BETH pledge will not be affected during the upgrade period.

Binance: After Ethereum completes the Shanghai upgrade and the network is stable, the relevant token charging service will be reopened

Introduction

Binance has announced that it will reopen the deposit and withdrawal services of ETH, OP, ARB, and other ERC-20 tokens after considering the upgraded network of Ethereum Shanghai to be stable. This move comes as a relief for traders who were deprived of using these tokens on Binance’s decentralized exchange (DEX) due to the previous network congestion issues caused by Ethereum Shanghai’s upgrade. In this article, we will discuss the details of Binance’s move and the impact of Ethereum Shanghai’s upgrade on the ERC-20 tokens.

The impact of the Ethereum Shanghai Upgrade on ERC-20 tokens

Ethereum Shanghai, the latest upgrade of Ethereum, brought with it several changes to the network. Among these changes was the implementation of the Ethereum Improvement Proposal (EIP)-1559, which aims to improve the efficiency of the Ethereum network by reducing transaction fees and increasing the security of smart contracts. However, this upgrade also caused congestion issues on the network, leading to a significant increase in transaction fees that resulted in traders being unable to withdraw or deposit ERC-20 tokens from Binance.

Binance’s Decision to Reopen Deposit and Withdrawal Services of ERC-20 Tokens

On April 12th, Binance posted an article on social media announcing that it will reopen the deposit and withdrawal services of ERC-20 tokens. According to official sources, Binance considered the upgraded network of Ethereum Shanghai to be stable, and therefore, traders will now be able to make transactions with ETH, OP, ARB, and other ERC-20 tokens. However, BETH pledge will not be affected during the upgrade period.

The Significance of Binance’s Move

Binance’s decision to reopen the deposit and withdrawal services of ERC-20 tokens is significant because it means that traders who were affected by the network congestion issues can now continue trading with these tokens. It also shows that Binance has confidence in the stability of Ethereum Shanghai’s upgraded network, which could further boost the adoption of this network by other exchanges and platforms.

Conclusion

Binance’s move to reopen the deposit and withdrawal services of ERC-20 tokens is a significant step towards improving the usability and efficiency of the Ethereum network. With the implementation of EIP-1559 and other upgrades, the network is expected to become more secure and cost-effective for traders. It is essential for exchanges and platforms to take steps like Binance to ensure that traders can continue to make transactions smoothly without being affected by the network’s congestion.

FAQs

1. What are ERC-20 tokens?
A: ERC-20 tokens are digital assets that are built on the Ethereum blockchain and follow a specific set of rules to ensure that they are compatible with other Ethereum-based systems.
2. How did the Ethereum Shanghai upgrade impact ERC-20 tokens?
A: The Ethereum Shanghai upgrade caused network congestion issues on the Ethereum network, leading to an increase in transaction fees and affecting the deposit and withdrawal services of ERC-20 tokens.
3. Why is Binance’s move to reopen the deposit and withdrawal services of ERC-20 tokens significant?
A: Binance’s move shows that the network congestion issues caused by the Ethereum Shanghai upgrade have been resolved, which could boost the adoption of Ethereum’s upgraded network by other exchanges and platforms.

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