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Binance is hoping that the temporary suspension will help achieve a smooth transition for Sei.
Key Notes
Binance will suspend deposits and withdrawals of tokens on the Sei and Sei EVM networks starting at 15:00 UTC on September 16.Despite the suspension, trading of Sei tokens on both networks will continue without interruption.This upgrade is part of Sei’s efforts to enhance network performance, security, and scalability..Binance, one of the world’s foremost crypto exchange platforms, has announced the plan to temporarily suspend deposits and withdrawals of tokens on the Sei and Sei EVM networks.
Deposits and Withdrawals on Sei and Sei EVM Networks Paused on September 16
According to the announcement, which was shared on Binance’s official website, the suspension will start at 15:00 UTC on September 16 and will allow the platform to support a major upgrade on the Sei blockchain.
Binance noted that the Sei network upgrade will take place at the block height of 102,491,599. That is, with the height expected to be reached at 16:00 UTC latest on the same day.
Notably, this upgrade is part of Sei’s ongoing efforts to improve its network performance and user experience. The Sei network is known for its robust infrastructure and innovative solutions. It is a fast-growing layer-1 blockchain that seeks to provide a more efficient and secure blockchain environment.
However, as it prepares for the upgrade, Binance is hoping that the temporary suspension will help achieve a smooth transition. That is, by making sure that the process takes place with little or no issues arising for users.
Key Details of the Suspension
In the announcement, Binance also noted that the decision to pause deposits and withdrawals will not affect the trading of tokens on both networks. This means that, even in the process of upgrading, users may continue to buy, sell, and trade SEI tokens. That is, without experiencing any forms of service disruption.
Furthermore, the platform assured its customers that it would be handling all technicalities that the upgrade might require. Therefore, it would not be necessary for users to take any further action at this time.
Finally, Binance promised to restore all services once the network upgrade is “completed and deemed stable.” That is, it will automatically reopen deposits and withdrawals for the affected tokens.
For what it’s worth, the Sei network has gained noticeable attention in the crypto space, stemming from its focus on high-speed and scalable decentralized applications (dApps).
However, with great power comes great responsibility, just as the saying goes. So, when blockchains such as Sei record great advancements like this, it is only necessary that they also carry out periodic upgrades. This will help keep them at their best levels in terms of security, scalability, and performance.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
