Binance Supports Algorand’s v2.0.2 Upgrade, Halts ALGO Deposits

Binance Supports Algorand’s v2.0.2 Upgrade, Halts ALGO Deposits

Algorand, a decentralized blockchain network developed by the eponymous American blockchain firm, is expected to upgrade to version 2.0.2 today.

The upcoming network upgrade is poised to increase the amount of time for nodes to upgrade to new consensus versions after voting thresholds have been met, as announced on Dec. 13.

Scheduled for 10:00 AM ET on Dec. 16, Algorand v2.0.2 release is expected to take place at block 3,705,466. At press time, there are 3,704,219 blocks on the Algorand blockchain, according to AlgoExplorer.io.

Extending time for nodes to upgrade from 12 hours to seven days

As announced, the primary cause for the upgrade is to change the length of the upgrade-required window from 10,000 blocks to 140,000 blocks, which is expected to extend the time for node upgrades from 12 hours to seven days. 

In addition to the upgrade window change, Algorand v2.0.2 also provides some improvements for Algorand Standard Assets, a tool for asset digitization, as well as minor bug fixes. The full list of changes is available on GitHub.

Binance supports Algorand v2.0.2 release, suspends ALGO deposits and withdrawals

Algorand v2.0.2 is supported by major cryptocurrency exchange Binance, the firm officially announced on Dec. 16. The exchange is suspending Algorand (ALGO) token deposits and withdrawals prior to the ALGO network block height of 3,705,466.

Binance said that trading ALGO will not be affected during the upgrade, noting that the exchange will reopen ALGO deposits and withdrawals once it deems the upgraded network to be stable.

Algorand v2.0.2 follows a major protocol upgrade that took place on Nov. 21. The Algorand 2.0 upgrade enabled new tools for decentralized applications and was completed less than six months after the mainnet launch in June 2019.

According to Coin360, ALGO is the 18th largest cryptocurrency by market capitalization ($685 million) at press time. As Algorand’s network upgrade is about 1,000 blocks away, ALGO edged up 0.2% to trade at $0.259. Over the past seven days, the altcoin is down over 12%.

Algorand seven-day price chart

Algorand seven-day price chart. Source: Coin360

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