Binance exchange announced that it will support hard fork in the Binance Smart Chain (BSC) upgrade.
Binance is a popular crypto exchange with the number one position in the crypto industry in terms of the crypto trading volume. Binance has its own native token Binance coin (BNB). Currently, the value of the BNB coin is at that level where no one can expect. In the very starting, this coin was revolving around the $1 price and currently, it is at more than $600. And also this is not only a native token but also it is running on Binance smart Chain network, which is backed by the Binance exchange.
Recently, the Binance Smart Chain developer team announced their plan to introduce a new mechanism to burn Binance coins in the network automatically to avoid manual burning. For this, the Developer team will force the network to go under fork by 30th November.
Binance exchange announced on 29 November that they will support the upcoming Burno hard fork in the Binance smart Chain network.
According to details provided by the announcement blog, the BSC chain will go under hard fork on 2021-11-30 08:00 (UTC).
“fork will take place at Binance Smart Chain (BSC) block height of 13,082,000, or approximately 2021-11-30 08:00 (UTC)”
The exchange will suspend deposit and withdrawal of Binance coin and on-chain tokens at 2021-11-30 07:45 (UTC) until the hard fork will be done successfully.
Binance also said that trading of BNB will remain to continue and also they will reopen withdrawal and deposit options when the fork will deploy successfully. And also no new coin will take birth.
After the successful fork of the BSC network, the team doesn’t need to burn Binance coins as they promised. And also this will push the Binance coin toward a high price. However, this concept of burning coins has become a trend for crypto projects to pump the price of coins.