Upbit to Temporarily Suspend Filecoin Transactions Amid NV23 Upgrade
Upbit, a South Korean cryptocurrency exchange, is going to temporarily halt Filecoin (FIL) deposits and withdrawals from 18:00 KST on August 6.
The pause corresponds with the Filecoin network’s scheduled NV23 upgrade, dubbed ‘Waffle’, which is slated for the same day. Cryptocurrency exchanges usually take such preventive measures during large-scale network upgrades to preclude any disruptions and ensure smooth transitions.
In an official announcement on its website, Upbit said this was being done in order “to protect user assets and ensure stable operation.” The company urged customers to check its official channels for updates on when services will be resumed.
Objectives of the Filecoin’s NV23 Upgrade
The NV23 upgrade aims at improving the overall performance of the Filecoin network. For instance, transactions will be processed much faster after the update, thus reducing waiting time for confirmations by users. In addition, it simplifies storage adding to the network and cuts down associated costs making it more efficient and accessible.
Furthermore, support for legacy Ethereum (ETH) transactions is introduced with NV23. It is expected that this feature will enable better integration into wider blockchain ecosystem thereby creating new cross-chain opportunities for developers as well as end-users alike. The upgrade also marks soft launch of F3 designed specifically to drastically decrease transaction confirmation time.
Although this might cause some inconvenience temporarily, but without carrying out these actions there would not be security or functionality around Filecoin transactions within Upbit platform. The exchange assures holders of FIL tokens that their assets are safe during this period. Nevertheless they cannot make a FIL deposit or withdrawal until completion of upgrade together with lifting suspension by Upbit.
Exact timing for resumption of FIL-related services on Upbit depends on how long it takes for NV23 upgrade to run its course successfully if at all possible . Therefore people should keep checking announcements by both firms’ official communication channels so as to be aware about progress made on this front and when normality is set to return.
Tracking the Progress of Upgrade
No time has been given by Upbit regarding when FIL deposits and withdrawals will start again. This decision heavily relies on how Filecoin network upgrade proceeds. As these changes take place, Filecoin and along with Upbit will release periodic updates meant to keep users informed appropriately.
Individuals are directed towards regularly visiting official announcements section found on Upbit website plus other platforms operated by Filecoin that offer communication services in order to get latest details concerning NV23 improvement project together with FIL transactions status while using Upbit exchange. By adopting such approach individuals get themselves ready enough besides enabling them adjust their activities accordingly based on what happens within the platform.
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