The cryptocurrency exchange Binance said it would support updates to the Ethereum and Tezos networks. The Gray Glacier and Jakarta 2 upgrades are scheduled for June 30 and June 27 respectively.
In the Ethereum blockchain, the update will be activated at block height #15 050 000. Given current network conditions, this will occur on June 30 at approximately 12:05 Kyiv/Moscow time. One hour before the code implementation, Binance will suspend deposits and withdrawals in ETH and ERC-20 tokens.
#Binance will support the Ethereum Network $ETH upgrade.https://t.co/q8RGUQFh9e
— Binance (@binance) June 23, 2022
The Gray Glacier delays the activation of the ‘difficulty bomb’ by 700,000 blocks, or roughly 100 days. This mechanism deterministically sets the block number at which network difficulty increases under the Proof-of-Work algorithm, and thus reduces miner rewards.
“From a coercive standpoint, I don’t feel the mechanism actually works well. This is illustrated by forks that are aimed exclusively at the bomb. We’re going to make a third one already,” he said.
Edington noted that delaying the activation of the bomb will not significantly affect The Merge timelines. Earlier Ethereum co-founder Vitalik Buterin named August as the most likely time to move to PoS.
Tezos Jakarta 2 upgrade will be activated at block height #2 490 369. According to Binance, this will occur on June 28 around 02:27 Kyiv/Moscow time. One hour before the fork the platform will also suspend deposits and withdrawals in XTZ.
#Binance will support the @tezos $XTZ network upgrade.https://t.co/o8h4hg63dJ
— Binance (@binance) June 23, 2022
The upgrade is intended to fix two “critical bugs” found in the Jakarta protocol. The latter should increase network throughput through the implementation of L2 solutions with Optimistic Rollups.
In June, Tether launched the stablecoin USDT on the Tezos blockchain.
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