Binance to Support aelf (ELF) Network Upgrade with Temporary Suspension of Deposits and Withdrawals

Binance has announced its support for a planned network upgrade of the aelf (ELF) blockchain, which will temporarily halt deposits and withdrawals of ELF tokens on January 15, 2025, starting at 17:00 UTC+8. The upgrade will begin at block height 252,256,057, with the process anticipated to commence around 18:00 UTC+8 on the same day.

The main goal of this network upgrade is to enhance the overall user experience on the ELF blockchain, improving its performance and scalability. The upgrade is expected to boost the blockchain’s core functionality, which is vital for supporting its decentralized cloud computing ecosystem and enabling broader industry adoption.

While deposits and withdrawals will be unavailable during the upgrade, trading of ELF tokens will continue as normal on Binance. Users are encouraged to deposit their ELF tokens before the upgrade to avoid interruptions. Once the upgrade is completed and the network stabilizes, the deposit and withdrawal services will resume automatically without further notice.

At the time of writing, ELF is priced at $0.5016, with a market capitalization of $369.18 million. The token has seen a 34.36% drop in trading volume over the last 24 hours, with a volume of $28.57 million.

This upgrade is part of Binance’s ongoing efforts to support network improvements for various blockchain projects. Earlier in 2024, the exchange also supported upgrades for major tokens like Ethereum (ETH) and Dash, contributing to the overall stability and growth of the blockchain ecosystem.

For more details on the ELF upgrade, users can refer to the official announcement from the aelf project.