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10% of the FIRO supply will be allocated for community funding, while 5% will be designated for miners.
Key Notes
Binance will temporarily suspend deposits and withdrawals for FIRO starting September 16, 2024, to facilitate its upgrade, which will occur at block height 958,655.The Firo v0.14.14.0 upgrade will bring significant changes to the tokenomics.FIRO, the native token of the Firo Network, a privacy-centric blockchain, has surged nearly 4% following Binance’s announcement of support for the network’s upcoming upgrade and hard fork. The event is scheduled for September 2024, at block height of 958,655.
The token, which had been trading around $1.09 at the start of the week, saw a rise to $1.12, according to data from CoinMarketCap, a leading crypto price-tracking platform.
Binance to Suspend Transactions on Firo
On Thursday, Binance informed users that starting from September 16, 2024, 04:00 (UTC), the platform will suspend deposits and withdrawals for FIRO to facilitate the network upgrade and hard fork. The upgrade will occur that same day at 05:00 (UTC). The move is part of the company’s effort to ensure best user experience.
According to the announcement, Binance will manage all technical aspects related to the upgrade for its users. Once the upgrade is finalized and the network confirmed stable, the company will reopen deposits and withdrawals.
The upcoming network upgrade will introduce significant changes to Firo’s tokenomics. In the new Firo v0.14.14.0 update, FIRO will halt all future halvings, and the total token supply will reach 21.4 million ahead of schedule within the next 5 to 6 years. After reaching this supply target, the annual inflation rate, currently at 0.98%, will start to decrease.
Additionally, 10% of the FIRO supply will be allocated for community funding, while 5% will be designated for miners. The platform said that masternodes will receive 70% of the supply, and 15% will be set aside for the development fund.
Firo confirmed that these changes were approved through a community vote.
Not the First
Meanwhile, Firo is not the only blockchain undergoing an upgrade this month. On September 1, Cardano, a blockchain founded by Charles Hoskinson, implemented its Chang hard fork. This upgrade aimed to enhance the network’s decentralization by shifting more authority to its community members.
During the upgrade, Binance supported Cardano by temporarily pausing deposits and withdrawals on the Cardano network to ensure a smooth transition.
Following Cardano’s lead, the Enjin blockchain also conducted an upgrade on September 9, introducing its latest version, “Kampong Glam.” This update is anticipated to significantly improve the network’s performance and user experience.
Last week, another blockchain, Polygon, a layer-2 scaling solution on Ethereum, completed its own network upgrade, which included a token rebrand. Its native crypto, previously known as MATIC, has been renamed to POL POL $0.38 24h volatility: 1.2% Market cap: $2.66 B Vol. 24h: $15.55 M . Users were advised to convert their MATICs to POL at a 1:1 ratio.
Polygon stated that the transition brings it closer to its goal of becoming an “aggregated network of blockchains”.
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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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
