Leading crypto exchange, Binance has announced that it would suspend deposits and withdrawals on the Horizen (ZEN) network around 15:00 (Beijing time) on September 12, 2024, to support its network upgrade. The move comes to ensure a good user experience.
The network upgrade will be carried out at block height 1,627,572, and is expected to be around 16:00 (Beijing time) on September 12, 2024. According to the announcement, “Deposits and withdrawals for token(s) on the aforementioned network will be reopened once the upgraded network is deemed to be stable. No further announcement will be posted”.
Horizen’s team informed, “Zend 5.0.4 is expected to deprecate on Mainnet at block #1679880, which will occur on December 12th 2024, at approximately 04:00 PM UTC”, and added that all nodes need to be updated.
Horizen is an EVM platform that is built to power ZK applications with enhanced scalability and efficiency. With its much-awaited upgrade, the network will integrate features including: Built-in Precompiled Contracts for efficient ZK proof verification, ZEN Staking using DPoS consensus with Nimbus framework for collator selection for adding scalability and efficiency.
The upgrade will also see future-proof modular architecture for better interoperability. Apart from this, solidity developers will be offered easy access to powerful ZK capabilities.
As for the market side, Horizen’s native token, ZEN is currently trading at $7.13 after a dip of 1.4%.
Also Read: Shielded pool to be deactivated on the Horizen mainchain