Polygon's Game-Changing Upgrade: Binance Steps Up to the Plate

Hang on to your hats, crypto fans! The Layer 2 blockchain powerhouse, Polygon, is gearing up for a massive upgrade this week, and Binance is not sitting on the sidelines. They're jumping right into the action to make sure everything runs smoothly.

Get this: Binance dropped a bombshell on June 30, announcing they'll be hitting the pause button on deposits and withdrawals for the Polygon network starting July 1. Why? To prep for the epic network upgrade and hard fork that's about to go down.

The clock's ticking, folks. The suspension kicks off at 16:10 ET, and the upgrade's set to explode at block height 73,440,256 just an hour later. But don't sweat it – you can still trade Polygon tokens on Binance like it's nobody's business during the whole shebang.

Binance's got your back, too. They're handling all the nitty-gritty tech stuff so you don't have to lift a finger. But listen up: if you've got any POL to deposit, get it done ASAP. The deposit and withdrawal party won't start back up until the network's given the all-clear.

Keep your eyes peeled, people. Binance isn't gonna send out a bat signal when services are back online, so you've gotta stay on top of the network's status yourself.

What's the Deal with Polygon's Upgrade?

Brace yourselves for the Bhilai Hard Fork, the mother of all upgrades coming to Polygon's core infrastructure.

This ain't no small potatoes. We're talking about a major overhaul of Polygon's Bor nodes – the unsung heroes keeping the network's transactions flowing and security tight. The new Bor version (v2.1.1) is bringing some serious heat, with performance boosts and support for the game-changing PIP-60 protocol.

Sandeep Nailwal, Polygon's co-founder and CEO, is fired up about this upgrade. He's promising to crank the Polygon proof-of-stake chain's throughput up to a mind-blowing 1,000 transactions per second (TPS), with finality in less than five seconds. And hold onto your seats – an October follow-up could send performance into the stratosphere at 5,000 TPS with one-second finality.

But listen up, validators: you've gotta update your Bor node software and tweak some settings, like cranking the gas limit up to 45 million, to keep up with the upgrade's demands.

This hard fork is just the beginning of Polygon's master plan to take scalability and governance to the next level. It's all about making the switch to the new POL token standard, which is gonna revolutionize how the network operates for both users and developers.