Binance announces suspension of Dash token deposits and withdrawals for network upgrade.
The Dash (DASH) network upgrade and hard fork announced by Binance, is set to take place on Jan. 7, 2025, at block height 2,201,472. Block height refers to the position of a specific block within the blockchain, and the network upgrade will occur once the blockchain reaches this point.
Beginning at 19:00 (UTC+8) on the same day, Binance will halt DASH token deposits and withdrawals to facilitate a seamless transition. Users are advised to complete any necessary deposits in advance. The exchange will manage all technical aspects of the upgrade on behalf of its users, and trading of DASH tokens will remain unaffected. Once the network stabilizes, Binance will reopen deposits and withdrawals.
To improve a blockchain’s functionality, security, and scalability, or to address flaws or vulnerabilities, a network upgrade involves modifying the protocol. These improvements can include bug fixes, new features, or optimizations.
A hard fork is a specific type of update in which the modifications are so substantial that they 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 commonly used to implement major changes, such as improving scalability or adding new features. If there is disagreement on the upgrade’s direction, a hard fork can even lead to the creation of a completely new blockchain.
Binance has supported similar upgrades in the past. For example, it facilitated smooth trading and handled technical processes during the BCH hard fork in Nov. 2020. In Apr. 2023, Binance supported Ethereum’s Shanghai upgrade, which introduced key improvements, such as enabling the withdrawal of staked assets.
Users should monitor official announcements from Binance and the DASH project team for any updates or additional information.
