Binance to Support Viction (VIC) Network Upgrade and Hard Fork
Rebeca Moen Oct 23, 2024 07:04
Binance announces support for Viction (VIC) network upgrade and hard fork, temporarily suspending deposits and withdrawals starting October 29, 2024.
In a recent announcement, Binance confirmed its support for the upcoming network upgrade and hard fork of the Viction (VIC) blockchain. The upgrade is scheduled to occur at the block height of 86,158,494, approximately on October 29, 2024, at 08:00 UTC, according to Binance.
Network Upgrade Details
Starting from October 29, 2024, at 07:00 UTC, Binance will temporarily suspend deposits and withdrawals of Viction tokens to facilitate the network's transition. This measure aims to ensure a seamless user experience during the upgrade process. However, trading of the VIC token will remain unaffected throughout the event.
Key Changes Post-Upgrade
The network upgrade will introduce significant changes to the tokenomics of Viction. The total supply of VIC tokens is set to increase from 100 million to 210 million, with an immediate addition of 20 million tokens to the circulating supply. Users will encounter a risk warning banner and a pop-up notification before trading VIC tokens, alerting them to these changes.
To maintain transparency and provide additional information, Binance has directed users to further details available on social media platforms associated with Viction.
Impact on Users
Binance assures that the technical requirements for the upgrade will be managed internally, ensuring minimal disruption for users. Deposits and withdrawals will resume once the network's stability is confirmed, with no further announcements planned regarding this resumption.
This strategic move by Binance highlights the exchange's commitment to supporting blockchain advancements and ensuring its users have uninterrupted access to trading services.
With the cryptocurrency market's dynamic nature, such upgrades are critical in maintaining the security and efficiency of blockchain networks. Binance's proactive approach in handling these changes reflects its dedication to its user base and the broader crypto community.
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