Binance, a leading crypto exchange, made a significant announcement regarding the Firo project, a digital cash project focusing on privacy. The exchange disclosed its support for the coin’s upcoming hard fork and network upgrade, drawing attention to the token previously known as Zcoin. Following this announcement, the price of FIRO surged by almost 3% on the hourly charts as traders reacted to Binance’s plans to facilitate the network upgrade and hard fork.
In a move to support FIRO’s advancements, Binance will prepare for the hard fork and network upgrade in the near future. Deposits and withdrawals for the FIRO token will be temporarily suspended starting September 16 at 04:00 UTC to ensure a smooth transition, as per the exchange’s official statement.
The hard fork and network upgrade are scheduled to take place at block height 958,655, approximately on September 16 at 05:00 UTC. This upgrade, Firo v0.14.14.0, will bring about changes in tokenomics as approved by the community.
After the upgrade, the distribution of block rewards will be 70% to Masternodes, 5% to Miners, 15% to the Development Fund, and 10% to the Community Fund, as outlined in Firo’s official release.
With Binance’s endorsement of the project’s forthcoming developments, the crypto market is abuzz with speculation about potential price movements for FIRO. The token’s price has already seen a 3% increase in the last 24 hours, reaching $1.12, amid broader market trends and optimism over Binance’s support for the project’s upgrades. Additionally, the coin’s trading volume rose by 7% within the same period.
It is worth noting that Binance’s history of expanding support for cryptocurrencies has previously led to price surges. For instance, the recent introduction of enhanced offerings by Binance contributed to a significant price increase for AERGO, as reported by CoinGape Media.
Overall, there is speculation among crypto enthusiasts about whether the upcoming developments in the privacy-focused digital cash protocol could trigger a potential rally in the market.