Binance has announced that it will temporarily halt deposits and withdrawals for the aelf (CRYPTO:ELF) token on January 15, 2025, at 17:00 (UTC+8), in preparation for a network upgrade.
The planned upgrade aims to enhance the user experience on the ELF blockchain.
It will occur at block height 252,256,057, with the process set to begin at approximately 18:00 UTC+8 on the same day.
Despite the temporary suspension of deposits and withdrawals, trading of ELF tokens will continue without interruption on Binance during the upgrade.
Users are advised to deposit their ELF tokens ahead of the scheduled upgrade to avoid any disruptions.
Once the network upgrade is completed and the system stabilises, deposits and withdrawals will resume automatically without further notice.
The ELF token operates on a decentralised blockchain designed to support cloud computing, with the goal of providing a scalable and flexible ecosystem for various industries and applications.
However, its trading volume has decreased by 34.36% in the last 24 hours, reaching $28.57 million.
Token upgrades, such as this one, are vital for improving a blockchain network's usability, security, and functionality.
In this case, the ELF network upgrade is expected to enhance both its performance and scalability, supporting the long-term growth of the ecosystem.
Binance has also supported network upgrades for several other notable tokens in 2024, including Ethereum's (CRYPTO:ETH) Shanghai upgrade and the Dash (CRYPTO:DASH) network's hard fork.
Additionally, the platform will support the Optimism (CRYPTO:OP) network update scheduled for January 10, 2025, focused on scalability improvements.
At the time of reporting, the aelf (ELF) price was $0.5024.