Binance Announces Suspension of Dash Token Deposits and Withdrawals for Network Upgrade

The Dash (DASH) network upgrade and hard fork announced by Binance, is set to take place on Jan. 7, 2025, at block height 2,201,472.

Binance, the world’s largest cryptocurrency exchange by trading volume, has announced a suspension of Dash (DASH) token deposits and withdrawals for an upcoming network upgrade.

According to a Jan. 7 announcement by Binance, the Dash network upgrade and hard fork will take place at block height 2,201,472. Block height essentially refers to the position of a specific block within the blockchain. The network upgrade will occur once the blockchain reaches this point.

The exchange will halt DASH token deposits and withdrawals beginning at 19:00 (UTC+8) on the same day to facilitate a seamless transition. Users are advised to complete any necessary deposits in advance.

Binance will handle all technical aspects of the upgrade on behalf of its users, and trading of DASH tokens will remain unaffected. Once the network stabilizes, Binance will reopen deposits and withdrawals.

A network upgrade entails modifying the blockchain protocol to enhance its functionality, security, and scalability or to address any flaws or vulnerabilities. These improvements can range from bug fixes to the introduction of new features and optimizations.

In the context of a blockchain, a hard fork refers to a specific type of update in which the modifications are so substantial that they create two incompatible blockchain versions. This necessitates users updating their software to the latest version to continue using the network.

Hard forks are typically employed to implement major changes, such as improving scalability or adding new features. In some cases, if there is disagreement on the upgrade’s direction, a hard fork can even lead to the creation of a completely new blockchain.

Binance has previously extended support for similar upgrades. For instance, it ensured smooth trading and handled the technical processes during the BCH hard fork in November 2020.

Moreover, in April 2023, Binance supported Ethereum’s Shanghai upgrade, which introduced key improvements, such as enabling the withdrawal of staked assets.

Users are encouraged to keep an eye out for any updates or additional information via official announcements from Binance and the DASH project team.