Binance has confirmed its support for the upcoming Viction (VIC) network upgrade and hard fork, scheduled for October 29, 2024. The upgrade will occur at block height 86,158,494, and Binance will ensure a smooth transition for its users.
Key Details of the Viction Network Upgrade
Deposit and Withdrawal Suspension
To facilitate the upgrade, Binance will temporarily suspend VIC token deposits and withdrawals starting at 10:00 AM on October 29, 2024. This is a standard procedure to avoid any disruptions during the network update.
Network Upgrade Time
The upgrade is expected to happen around 11:00 AM, allowing for necessary changes in the network’s functionality and tokenomics.
Post-Upgrade Changes in Tokenomics
Increased Token Supply
One of the major changes following the upgrade will be the increase in VIC’s total token supply, from 100 million to 210 million tokens. This adjustment aims to enhance the network’s performance and scalability.
Immediate Circulation Boost
An additional 20 million tokens will be added to the circulating supply right after the upgrade, potentially impacting market dynamics.
Important Considerations for Traders
Trading Continues Unaffected
Trading of VIC tokens on Binance will not be interrupted during the upgrade. Users can continue their trading activities as normal.
Automated Technical Management
Binance will handle all technical aspects of the upgrade for its users, so no manual action is required. This ensures a seamless experience for traders.
Deposits and Withdrawals Resume Post-Upgrade
Once the upgrade is confirmed to be stable, Binance will reopen deposits and withdrawals. Users will not need to wait for further announcements regarding this.
Binance’s Role in the Upgrade
This upgrade is part of Viction’s strategy to adjust its tokenomics and improve its network. Binance’s support ensures users experience minimal disruption and have access to their VIC tokens once the network is stable.
