Binance Announces Galileo Testnet Hardfork Update; Mainnet to be Released Soon
In a bid to help with addressing bug fixes and many more developments on the chain, the Binance Chain testnet has now undergone a hard fork at 24,020,000 block height. This was announced on Twitter as well as the Binance Chain website.
According to the announcement, the new update called Galileo will be important to all the customers on the DEX and also any exchanges that trade with the Binance coin (BNB).
The Galileo Update
Named after the famous Italian astronomer and polumath, the new upgrade will detail a few new features. Firstly, it will now be possible to delist certain trading pairs on the DEX. This can be done if, after a considerable length of time, a particular trading pair has an insignificant trading volume.
In addition, there will be “Time locking of token assets” which will allow for the locking of a pre-specified amount of tokens for a certain amount of time. This could be done for different reasons like using locked tokens as collateral or
“as a commitment by the founding team.”
There will also be a state sync enhancement which is geared at refining user experience. It will generally reduce how much time syncing currently takes and allow a user to predetermine when and where state-syncing should begin.
All the changes can be seen in the changlog.
The announcement also states that the mainnet will also be updated sometime in the future. The precise date or specific features of this are yet to be communicated.
The Binance 2.0 has also been launched with a new face-lifted website which ultimately means a retiring of the former one sometime in the near future. Even though Binance 2.0 is expected to have the margin trading feature, a few people have protested their inability with this as well as USDT related problems.
Changpeng Zhao, the CEO of Binance, has also revealed that the Binance DEX is prepared for a high number of registrations. This was in response to a tweet from a Rallyqt (@rallyqt), less than an hour after the announcement.
The user said:
“@cz_binance, how many users signed up for Binance this year? Alt fomo season starts when exchanges have to temp close due to an influx of users haha”.
CZ then replied saying Binance has been prepared for more than a year:
“We have increased our registration capacity in anticipation of this, a year ago. It should work, in theory, let’s see what happens.
Registrations are definitely picking up speed.”