Bithumb exchange has announced a temporary suspension of Elrond Gold (EGLD) deposits and withdrawals to facilitate support for the upcoming MultiversX network upgrade.
The suspension period will begin on July 24, 2024, at 09:00 UTC. Crucially, trading of all EGLD pairs on the platform will continue uninterrupted throughout this time. Services are expected to resume once the network upgrade is deemed stable by Bithumb.
This pre-emptive measure is directly tied to the scheduled MultiversX network upgrade. The upgrade aims to enhance the blockchain’s overall security protocols, improve network performance, and increase transaction processing speed and capacity.
Users planning EGLD transactions are strongly advised by Bithumb to plan accordingly and complete any necessary deposits or withdrawals before the suspension window opens. Considering the temporary service interruption, self-custody of EGLD holdings during the suspension period may help minimize disruption for users.
Exchanges like Bithumb play a vital role in supporting the broader blockchain ecosystem by ensuring their infrastructure adapts seamlessly to core protocol upgrades like this MultiversX enhancement. Such upgrades are critical for reinforcing the underlying technology and maintaining the competitive standing of digital asset networks like EGLD.