Binance Supports Algorand's v2.0.2 Upgrade, Halts ALGO Deposits

Algorand, a decentralized blockchain network developed by the eponymous American blockchain firm, is expected to upgrade to version 2.0.2 today.

The upcoming network upgrade is poised to increase the amount of time for nodes to upgrade to new consensus versions after voting thresholds have been met, as announced on Dec. 13.

As announced, the primary cause for the upgrade is to change the length of the upgrade-required window from 10,000 blocks to 140,000 blocks, which is expected to extend the time for node upgrades from 12 hours to seven days.

In addition to the upgrade window change, Algorand v2.0.2 also provides some improvements for Algorand Standard Assets, a tool for asset digitization, as well as minor bug fixes.

Binance supports Algorand v2.0.2 release, suspends ALGO deposits and withdrawals.

The exchange is suspending Algorand token deposits and withdrawals prior to the ALGO network block height of 3,705,466.

Binance said that trading ALGO will not be affected during the upgrade, noting that the exchange will reopen ALGO deposits and withdrawals once it deems the upgraded network to be stable.

Algorand v2.0.2 follows a major protocol upgrade that took place on Nov. 21.

The Algorand 2.0 upgrade enabled new tools for decentralized applications and was completed less than six months after the mainnet launch in June 2019.

As Algorand's network upgrade is about 1,000 blocks away, ALGO edged up 0.2% to trade at $0.259.