Binance, one of the world’s leading cryptocurrency exchanges, made an announcement that could be effective for some altcoins. announced that it will perform wallet maintenance for the Ethereum Network (ERC20) on April 6, 2023 at 10:00 CEST. The maintenance is expected to take about two hours. Here are the details…
Binance announced for these altcoins
According to the announcement, token trading on the Ethereum Network (ERC20) will not be affected during wallet maintenance. However, deposits and withdrawals on the Ethereum Network (ERC20) will be suspended from 09:55 on April 6, 2023. cryptocoin.com As we reported, ERC20 is a standard for creating tokens on the Ethereum Blockchain and is widely used by many cryptocurrency projects. ERC20 tokens are exchangeable, meaning they can be easily exchanged for each other.
In fact, there are hundreds of ERC20 tokens listed on Binance, representing a wide variety of projects and uses. Here are examples of ERC20 altcoins listed on Binance to give you an idea of the variety of ERC20 tokens on the market:
- Binance Coin (BNB) – Binance’s native token
- Tether (USDT) – a stablecoin pegged to the US dollar
- Chainlink (LINK) – a decentralized oracle network
- Uniswap (UNI) – a decentralized exchange protocol
- Aave (AAVE) – a decentralized lending platform
- Maker (MKR) – a decentralized lending platform and stablecoin
- SushiSwap (SUSHI) – a decentralized exchange protocol
- Compound (COMP) – a decentralized lending platform
- Polygon (MATIC) – A layer 2 scaling solution for Ethereum
- The Graph (GRT) – A decentralized indexing protocol for querying blockchain data
- Serum (SRM) – A decentralized exchange protocol built on Solana
- Yearn Finance (YFI) – a decentralized finance aggregator
- Synthetix (SNX) – a decentralized synthetic asset platform
- Kyber Network (KNC) – decentralized exchange protocol
- Golem (GLM) – a decentralized computing network
- Balancer (BAL) – a decentralized exchange protocol and liquidity aggregator
- 0x (ZRX) – a decentralized exchange protocol
- Augur (REP) – a decentralized prediction market platform
- Band Protocol (BAND) – a decentralized oracle network
- Enjin Coin (ENJ) – a Blockchain gaming token
Users will be able to continue trading
As you can see, ERC20-based altcoins have a wide variety of uses, from decentralized finance to gaming and data indexing. Binance’s announcement regarding wallet maintenance for the Ethereum Network (ERC20) is important news for anyone holding or trading ERC20 tokens on the exchange. During the two-hour maintenance period, users will not be able to deposit or withdraw ERC20 tokens from Binance. However, trading of ERC20 tokens will not be affected, so users will be able to continue trading these tokens during the maintenance period.
Binance hasn’t provided a specific reason for wallet maintenance, but it’s not uncommon for cryptocurrency exchanges to do maintenance on their wallets from time to time. Wallet maintenance can help ensure the security and stability of the exchange. Binance also stated that it will not notify users in another announcement when deposits and withdrawals reopen on the Ethereum Network (ERC20) after maintenance is complete. Users can check the exchange’s website or social media channels for updates.
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