Binance Backs EOS Hard Fork Next Week, Market Awaits Fresh Rally After Savanna Consensus

• Binance exchange has revealed its support for the coming EOS Hard Fork.
• The hard fork is slated for September 25 and will not produce a new token.

Binance, the world’s biggest crypto exchange, has pledged support for the upcoming hard fork upgrade on the EOS network. The hard fork, scheduled for next week, September 25, will implement upgrades to Spring 1.0 and Savanna consensus algorithms. 

Known as one of the pioneering blockchain networks in the market, there is a positive anticipation that this upgrade will catalyze the growth of the EOS token. Following the upgrade, the protocol promises faster and more reliable transactions.

Binance Expands Functionality for the EOS Network

Taking to social media platform X, Yves La Rose, founder and CEO of the EOS Network Foundation, thanked Binance for supporting the hard fork upgrade. “Binance joins an already super-majority consensus supporting this groundbreaking upgrade to bring instant finality to EOS,” La Rose stated.

Thank you @binance for supporting the #EOS Network’s hard fork upgrade to Spring 1.0 and Savanna Consensus on September 25 #Binance joins an already super majority consensus supporting this groundbreaking upgrade to bring instant finality to $EOS https://t.co/IRvzOjr5Fn pic.twitter.com/86u2fVGLzk

— Yves La Rose (@BigBeardSamurai) September 20, 2024

Binance noted in a press release that it will suspend token deposits and withdrawals on the EOS network on September 25 at 13:00 UTC to support the network hard fork upgrade. The exchange said it will manage all technical requirements to enhance users’ experience further.

Additionally, Binance assured users that EOS trading will not be affected. Binance further disclosed that deposits and withdrawals for EOS tokens will reopen once the upgraded network becomes stable. 

“No further announcement will be posted,” Binance revealed.

Besides Binance, custody and wallet infrastructure provider Cobo has officially announced support for the EOS network upgrade. Like Binance, Cobo said it will suspend the EOS deposit and withdrawal services on September 25 and resume service when the upgrade is completed.

As CNF earlier mentioned, the EOS Network Foundation launched a consensus upgrade known as Antelope Leap 5.0 in 2023. This upgrade introduces Instant Finality, the HotStuff consensus algorithm integration, and peer-to-peer protocol enhancements. This upgrade aims to unlock new possibilities for EOS and other Antelope-based chains.

EOS is an open-source blockchain platform that supports value transactions and decentralized application development. The EOS blockchain is compatible with the Ethereum Virtual Machine. 

Expectations of the EOS Hard Fork Upgrade 

The release of Spring 1.0 represents a remarkable leap for the EOS network as it introduces new features designed to improve its performance, security, and scalability.

The Savanna consensus algorithm introduces Instant Finality to the EOS Network, lowering transaction settlement times by 100 times. This can set a new standard for blockchain efficiency and cement EOS’s position at the forefront of the technology.

The hard fork upgrade also introduces Aggregate BLS signatures, which makes the EOS network more secure and capable of supporting complex cryptographic operations.

The hard fork upgrade will not generate new forked EOS tokens. Consequently, EOS investors anticipate a bullish momentum in the token’s trading value following the hard fork upgrade.

The overall beneficiary of this upgrade might be the native token. As of this writing, EOS is trading at $0.5172, experiencing a 4.15% surge in 24 hours. However, the trading volume slumped by 16% within the last 24 hours to $67 million, indicating reduced investor interest.