Binance supports aelf network upgrade, temporarily halting deposits and withdrawals on January 15, 2025.

Waiting for network update, Binance He has Announce It will temporarily suspend token deposits and withdrawals globally (dwarf) network on 15 January 2025, at 17:00 (UTC+8).

The purpose of this planned update is to improve the overall user experience on the ELF blockchain. The upgrade is scheduled to take place 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 a network upgrade will occur once the blockchain reaches that point.

Users will still be able to trade ELF tokens normally on Binance during the network upgrade. However, deposit and withdrawal services will be temporarily unavailable while the upgrade is in progress.

To avoid any potential outages, Binance strongly recommends users to deposit their 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 cloud computing blockchain that aims to provide a scalable ecosystem. Its primary goal is to create a flexible blockchain capable of supporting various industries and applications.

At the time of writing, ELF is priced at $0.5016 with a market valuation of $369.18 million. The token's trading volume of $28.57 million shows a decline of 34.36% over the past 24 hours.

Token upgrades refer to modifications made to the protocol or infrastructure of a blockchain network to improve its usability, security, or general functionality. In this case, upgrading the ELF network is expected to enhance both performance and scalability, which are essential for the continued growth and success of the ecosystem.

Throughout 2024, Binance actively supported network upgrades for several tokens. In April 2024, Binance backed Ethereum (EthereumThe Shanghai upgrade, a crucial step in ETH's transition to a more scalable and sustainable network, allowed the Ethereum To be withdrawn.

Binance also supports Dash network upgrade Solid forkwhich took place on January 7, 2025. This upgrade aims to enhance network security and performance. Additionally, Binance announced its support for the Optimism network update, scheduled for January 10, 2025, which focuses on improving scalability and efficiency within the Optimism ecosystem.

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

For more information about upgrading ELF token, please refer to the official project advertisement.