Binance Completes Largest Upgrade Since Its Launch; Matching Engine Speed Increased by 10X
Binance, the leading crypto exchange in volume, has completed its most significant upgrade since the platform launched back in 2017. The new upgrade will allegedly boost its transactional capacity by ten times and had been in the works for around two years. With speculations of a possible bull-run, could Binance be preparing for the next crypto market craze? Well, that depends on how trends will tilt and whether the upgrade indeed solves Binance's underlying issues.
This milestone was first announced on June 28 by Binance CEO and founder, Zhao, who is popularly known as ‘CZ' within the crypto space. He noted that the team had made significant changes on the fundamental programming language running Binance's matching engine,
This is the largest upgrade to date. We switched the matching engine to a new programming language (and re-wrote all code from scratch, as required). That's as big an upgrade as you can get. 2 years in the making, all for faster performance. Readying for the next wave… #BUIDL
— CZ Binance 🔶🔶🔶 (@cz_binance) June 28, 2020
Earlier in the week, the Malta-based crypto exchange had informed its users of the scheduled upgrade on June 28. Consequently, the platform's trading services were not available yesterday morning as the team integrated the upgrade. The firm had initially set a target period of 2 hours but ended up taking longer than anticipated. However, the update was still completed within yesterday, and Binance announced trading resumption from 5:30 AM UTC.
As Binance scaled its crypto services to include futures, options, margin trading, and lending cryptocurrencies, the platform's transactional capacity took a hit. Calls by its trading community for suitable upgrades have since been on top of the list. With the new upgrade in place, Binance stakeholders led by CZ are optimistic that network congestion will be an issue of the past. Also, the exchange's growth prospects might have just skyrocketed should the upgrade accommodate more users compared to the 1.4 million orders/second during the platform's rollout.