Binance will support DASH network upgrade and hard fork

Binance announced the suspension of Dash token deposits and withdrawals for the network upgrade.

The Dash (DASH) network upgrade and hard fork announced by Binance is planned to take place on January 7, 2025 at block height 2,201,472. Block height refers to the position of a particular block within the blockchain, and the network upgrade occurs when the blockchain reaches that point.

Starting at 19:00 (UTC+8) on the same day, Binance will stop DASH token deposits and withdrawals to facilitate a smooth transition. Users are advised to complete the required deposits in advance. The exchange will manage all technical aspects of the upgrade on behalf of its users and trading of DASH tokens will not be affected. Once the network is stable, Binance will reopen deposits and withdrawals.

Network upgrade involves changing the protocol to improve the functionality, security, and scalability of a blockchain or to fix flaws or vulnerabilities. These improvements may include bug fixes, new features or optimizations.

A hard fork is a special type of update where the changes are significant enough to create two incompatible blockchain versions. This means that users must update their software to the latest version to continue using the network. Hard forks are often used to implement major changes, such as increasing scalability or adding new features. If there is disagreement about the direction of the upgrade, a hard fork could even lead to the creation of an entirely new blockchain.

Binance has supported similar upgrades in the past. For example, he facilitated seamless trading and managed technical processes during the BCH hard fork in November 2020. In April 2023, Binance supported Ethereum’s Shanghai upgrade, which brought significant improvements such as allowing withdrawal of staked assets.

Users should follow official announcements from Binance and the DASH project team for any updates or additional information.