The Binance newsletter shared on June 21 carried important information regarding the Beam network hard fork upgrade. As per the report, the exchange will suspend all deposits and withdrawals of BEAM tokens on June 24 at the block height of 1,820,000. The suspension will come into effect on the same day at 17:00 UTC.
On June 2, the Beam network announced a new hard fork upgrade for the chain named Groovy Gluon 7.0.13064. As a major mainnet upgrade, Groovy Gluon should provide several stability-based improvements for the BEAM Wallet and can execute more than 90 tasks intuitively.
Some of the major improvements offered by the upgrade are as follows:
- The notifications are made much clearer in the wallet, so users will not miss anything
- Wallet recovery from mobile recovery files
- Wallet API to sign user messages
- Interface improvements include Drag and Drop for the dApp store
- Support for high-frequency transactions
- Link to social network profiles on dApps
- Display improvements on the Linux version
- InterPlanetary File System integration
Now, the major Beam network upgrade is all set for its launch on June 24 and has been asked for support from various platforms to avoid complications when it goes live. To this end, Binance will suspend all incoming and outgoing BEAM transactions on the day of the upgrade.
The exchange also mentioned that there would be no suspension or limitations on BEAM tokens traded within the platform. These temporary restrictions apply only for transactions that connect external wallets or networks.
And what’s more, the technical requirements for the new upgrade will be taken care of by the exchange itself for every BEAM user. So users do not have to go through the hassle of finding the requirements themselves while upgrading their wallets. The Groovy Gluon 7.0.13064 will be just a periodical upgrade to the Beam network and does not create new tokens.
The deposits and withdrawals will be restored to normalcy once the upgrade pulls through successfully. Users will have to check their wallets to know the status of deposits and withdrawals, as there will be no separate notifications.