Cryptocurrency exchange Binance has announced its support for a significant update to the MultiversX (EGLD) network, set to take place on March 25, 2025.
Due to this update, Binance will temporarily suspend EGLD coin deposit and withdrawal transactions on the MultiversX network. The network update is scheduled to begin at 19:30 TR time, with Binance’s suspension of transactions commencing one hour earlier, at 18:30 TR time. Operations will resume once the network’s stability is ensured post-update.
What Changes Will the MultiversX Network Update Bring?
The update on the MultiversX network has been announced as “Spica Patch 4 – v1.8.12.” The primary goal of this update is to transition the protocol’s sustainability rewards from a single-key wallet to a more secure multisig (multi-signature) wallet. Multisig wallets enhance security by requiring multiple approval mechanisms, thereby improving security and making treasury management more efficient.
The new multisig address to be utilized post-update is erd1qqqqqqqqqqqqqpgqfgn5rprsz2hz2rcdmgq7zcz7kzz0g8lnpfzqntl2g3. This address will be where 10% of the rewards allocated for the sustainability of the MultiversX protocol will be collected. The funds gathered will be used for the long-term development, maintenance, and promotion of the network.
MultiversX emphasized that all validator nodes must update to the new version. Nodes that do not complete the update risk being “locked” by the network. Therefore, it is mandatory for validator nodes to upgrade to version v1.8.12.0-patch4 by the update date to ensure the network functions healthily.
What Should Binance Users Keep in Mind During This Process?
Binance also highlighted important points for users to consider during the update process. Users are advised to complete any EGLD coin deposit or withdrawal transactions before the network upgrade commences. Transactions sent during the update may remain pending or be delayed until the network stabilizes. Binance encourages users to be cautious and plan their transactions accordingly.
Binance MultiversX (EGLD)
The exchange added that users would still be able to trade EGLD during this period. Binance announced that once the update process is complete and the MultiversX network is stable, EGLD deposit and withdrawal operations will automatically resume.
