Binance, one of the world's leading cryptocurrency exchanges, has announced its support for the upcoming Firo (FIRO) network upgrade and hard fork. This announcement comes as part of Binance's ongoing commitment to providing a seamless and secure trading experience for its users. The network upgrade and hard fork are scheduled to take place at block height 958,655, which is expected to occur around 2024-09-16 05:00 UTC. In preparation for this upgrade, Binance will temporarily suspend all deposits and withdrawals of FIRO tokens starting at 2024-09-16 04:00 UTC.
Key Details of the Firo Network Upgrade & Hard Fork
The Firo network upgrade is significant for several reasons. First, it will ensure the stability and security of the network, making the system more efficient and scalable. Additionally, this upgrade marks a major milestone in Firo’s tokenomics, as it will put an end to the scheduled halvings of the FIRO token.
According to Firo’s development team, the total supply of FIRO tokens will reach 21.4 million within the next five to six years, ahead of the originally planned schedule. Following this supply cap, the token’s inflation rate will begin to gradually decrease, starting from 0.98% per annum. This reduction in inflation is expected to help stabilize the value of FIRO tokens over time, benefiting long-term investors and the overall health of the Firo network.
Users who want to learn more about the specific details of Firo's tokenomics can refer to the official documentation provided by the Firo development team. Understanding the token’s inflation and supply dynamics can help investors make informed decisions about their holdings in FIRO.
Impact on Binance Users
Binance assures its users that the trading of FIRO tokens will not be affected during the network upgrade and hard fork. While deposits and withdrawals will be temporarily paused, users can continue to trade FIRO tokens as usual.
The exchange will handle all the technical requirements involved in supporting the network upgrade, ensuring that users do not experience any disruptions to their accounts or balances. Once the network is deemed stable after the upgrade, Binance will reopen the deposits and withdrawals for FIRO tokens. At that time, a further announcement may not be made unless deemed necessary, so users are encouraged to stay updated via the Binance platform.
Final Notes
Binance’s commitment to supporting network upgrades like Firo’s is part of its strategy to stay at the forefront of blockchain technology and provide its users with the best possible experience. Users should note that this is a general announcement, and the availability of products and services mentioned here may vary depending on the region.
Additionally, in case of any discrepancies between the translated versions of this announcement and the original English version, Binance recommends referring to the English version for the most accurate and up-to-date information.
For more updates on this and other upcoming network upgrades, users can follow Binance’s official channels or check the announcements section of the platform.
Stay informed and trade confidently with Binance.
