According to Binance’s official announcement, in order to cooperate with the upgrade of the Siacoin (SC) network and the hard fork process, Binance is expected to suspend the token deposit and withdrawal services of the Siacoin (SC) network at 13:00 on June 6, 2025 (Beijing Time).
It is learned that the project team plans to carry out this crucial network upgrade and hard fork operation at block height 526,000 (expected at 14:00 on June 6, 2025, Beijing Time). Throughout the entire upgrade and fork process, Binance will fully ensure the security of users’ assets and properly handle related technical issues.
This upgrade of the Siacoin network is of great significance. The Sia Foundation calls it a “fundamental and comprehensive innovation” or even a “rebirth”. The new architecture adopts the Utre Exo encryption structure, which can significantly reduce the scale of the blockchain state, allowing new nodes to be verified through concise proofs. The node synchronization time is shortened from several days originally to just a few minutes, significantly lowering the resource threshold for users to build full nodes and moving towards a more decentralized goal.
The new renter-host Protocol 4 has also optimized the interaction experience between users and the storage layer, achieving faster file transfer, smarter contract processing, prepaid balance functionality, and being more easily integrated into the web-based environment. Meanwhile, the originally integrated siad daemon will be replaced by dedicated components. Users can select functions as needed, and developers can also obtain clearer interfaces and more complete documentation. This is extremely beneficial for future development work based on Sia.
Binance reminded users in the announcement to closely monitor the relevant progress. After confirming that the upgraded network is operating stably, the token deposit and withdrawal services of the Siacoin (SC) network will be reopened, and no further announcement will be made. It should be noted that this network upgrade and hard fork will not generate new tokens, and related trading businesses will not be affected during the upgrade period.
In the field of cryptocurrencies, network upgrades and hard forks are not uncommon. For instance, Ethereum has undergone multiple upgrades. The upgrade of Ethereum 2.0, for example, aimed to address network congestion and scalability issues, which had a profound impact on the entire Ethereum ecosystem. This upgrade of Siacoin is equally crucial for the development of its ecosystem. Judging from the market response, the current price trend of Siacoin is relatively stable. However, with the completion of the upgrade, if the expected performance improvement and functional optimization can be achieved, it may attract more developers and users, thereby positively promoting its market performance.
However, the Sia Foundation also reminds users that not all exchanges will complete the upgrade immediately. Some exchanges may, as they did during the previous fork, delay support for the new network. At present, apart from Binance, several cryptocurrency exchanges such as Kraken and Poloniex have confirmed their support for the Siacoin network upgrade transition. However, some exchanges like BitMart, CoinW, and Gate.io have not yet made a clear statement or are still in the technical discussion stage. Exchanges such as Bybit and Bithumb have not disclosed either whether they will support this upgrade. For users who rely on centralized exchanges, it is necessary to carefully monitor the dynamics of the exchange they are on to ensure the safety of their assets and smooth trading.
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