ELF token to undergo network upgrade on Binance

Binance will support the aelf network upgrade and will temporarily halt deposits and withdrawals on January 15, 2025.

In anticipation of a network update, Binance announced that it will temporarily suspend token deposits and withdrawals on the aelf (ELF) network at 17:00 on January 15, 2025 (UTC+8).

The purpose of this planned update is to improve the overall user experience on the ELF blockchain. The upgrade is scheduled to occur at block height 252,256,057, and the process is expected to begin at approximately 18:00 UTC+8 on the same day. Block height refers to the position of a particular block within the blockchain, and the network upgrade occurs when the blockchain reaches that point.

Users will be able to continue trading ELF tokens normally on the Binance platform during the network upgrade. However, deposit and withdrawal services will be temporarily unavailable while the upgrade process is ongoing.

To avoid possible outages, Binance strongly recommends users to deposit ELF tokens in advance. Once the upgrade is complete and the network is stable, deposits and withdrawals will automatically resume without further notice.

ELF is a decentralized blockchain for cloud computing that aims to provide a scalable ecosystem. Its primary goal is to create a flexible blockchain that can support a variety of industries and applications.

At the time of this writing, ELF is priced at $0.5016 with a market valuation of $369.18 million. The token’s trading volume of $28.57 million indicates a decrease of 34.36% in the last 24 hours.

Token upgrades refer to changes made to the core protocol or structure of a blockchain network to improve its usability, security, or overall functionality. In this case, the ELF network upgrade is expected to increase the performance and scalability necessary for the continued growth and success of the ecosystem.

Binance has actively supported network upgrades for many leading tokens throughout 2024. In April 2024, Binance supported the Ethereum (ETH) Shanghai upgrade, which allows for the withdrawal of staked ETH, a critical step in ETH’s transition to a more scalable and sustainable network.

Binance also supported the Dash network upgrade and hard fork that took place on January 7, 2025. The purpose of this upgrade was to improve the security and performance of the network. Additionally, Binance announced its support for the Optimism network update scheduled for January 10, 2025, which focuses on improving scalability and efficiency in the Optimism ecosystem.

As part of its ongoing commitment to improving the blockchain ecosystem and providing users with the best possible experience, Binance is committed to ensuring seamless transitions during these upgrades.

For more information about the ELF token upgrade, please see the official project announcement.