Binance’in a statement from Band Protocol (BAND) It has been announced that the network upgrade will take place with a block size of 11,525,000.
Binance Band Protocol (BAND) to Support Network Upgrade
BAND deposits and withdrawals will be suspended on 21.11.2022 at 13:00. in their accounts BAND All relevant technical requirements will be met by the exchange for all users with
In addition, the statement said that once we decide that the upgraded network is stable, we will reopen deposits and withdrawals for BAND and will not make any further announcements to users.
BAND was trading at $1.99 at the time of this writing.
What is Band Protocol (BAND)?
Band Protocol (BAND) is a decentralized data oracle that makes data ready to be queried on-chain using Dpos (Delegated-Proof-Of-Stake) to ensure data integrity.
It aims to be the data infrastructure layer of reference for Web 3.0 applications by providing decentralized, off-chain data to smart contracts through oracles managed by the dPoS consensus mechanism.
Band Protocol first launched the BAND token following an initial exchange offering (IEO) on Binance Launchpad in September 2019. 27.37% of the total supply was sold in three token sale rounds (seed, private and public sale).
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Although BAND tokens were previously based on the ERC-20 standard, they were re-released as native BAND tokens on the Band Protocol mainnet (known as BandChain).
Holders of legacy tokens can complete a 1-to-1 swap by depositing ERC-20 BAND tokens into Binance and then withdrawing them as native tokens. This is required to participate in BAND staking, which is valid only for mainnet tokens.
*Not investment advice.