Important Update Announcement From Binance About This Altcoin!

Cryptocurrency exchange Binance, IoTeX (IOTX) announced that it will support network update and hard fork.

Cryptocurrency Exchange Binance Announced About the IoTeX Update to Happen on January 11

The update will occur at block height 21,542,761 IoTeX, which is predicted to occur on January 11, 2023 at 03:00. In preparation for the update, Binance will suspend deposits and withdrawals for IOTX from approximately 02:00 on January 11, 2023.

It is important to note that IOTX trading will not be affected during the network update and hard fork. Binance has announced that it will meet all relevant technical requirements and ensure that all users holding IOTX in their Binance account are supported throughout the process. No new token will be created as a result of the update.

Key features of the IOTX upgrade include the implementation of the zero-nonce feature, which brings the IoTeX chain into compliance with Ethereum’s rules, and the upgrade of the Ethereum Virtual Machine (EVM) to both the Berlin and London versions.

This has made possible a number of key Ethereum Improvement Proposals (EIPs), such as EIP-2565, which lowers the gas cost of the ModExp transaction code, and EIP-2930, which reduces the risks of contract breaches and helps “solve” contracts stuck due to EIP-1884.

Once Binance determines that the updated network is stable, it will reopen deposits and withdrawals for IOTX. Users do not need to take any further action as Binance will take care of all the technical requirements on their behalf.

The exchange also added that the estimated time for the network update and hard fork may change.

*Not investment advice.