Earlier today, Binance CEO Changpeng Zhao tweeted that their trading systems were back online after finishing an upgrade that took two years to prepare. The exchange had also previously announced the finalization of the update that took place earlier this morning.
Binance branded the world’s leading cryptocurrency exchange, announced earlier in the week that the upgrade would happen today. During this time, all withdrawals, savings, deposits, assets transfer, redemptions, peer-to-peer, margin, and spot trading, were to be at a halt.
Most Significant Upgrade Yet
The company scheduled the upgrade time for two hours. However, it ended up taking longer but ended 9 hours ago (from the time of writing).
Zhao continued to mention that this is the most significant upgrade the cryptocurrency exchange has had yet. He claims the upgrade entailed rewriting codes from the base for a new programming language, hence, an entirely refurbished matching engine.
Binance has undergone a couple of upgrades since its launch in 2017. However, none of them required the entire code to be rewritten and only included simple performance upgrades, while others took the spotlight like the introduction of Binance futures. Last year, they unfolded future products, margin trading, lending products, and cryptocurrency staking features.
Following its launch, Binance was handling approximately 1.4 million orders per second, taking its spot as the fastest matching engine globally. The number of active users on the exchange spiked, and it grew to become the most popular trading platform.
However, issues started arising primarily during critical market periods, and untamed trading volume instabilities eventually led to the exchange’s strain.
Zhao assures users that the upgrade will handle 100 times more trading volumes. He mentioned that although the real amounts may cause several situations by other systems, the problems would be fixed shortly.
More, Binance’s official announcement stated the upgrade would encompass a new API endpoint. It is supposed to allow users to get rid of open orders on specific symbols, including during breaks.
Binance Anticipates Price Fluctuations
Arguably, more significant players within the market would take advantage of the upgrade to move prices with greater ease. Due to this, Binance, in their release, advised their Futures and Margin trading users to reevaluate their pledged balances preceding trading in readiness for any fluctuations.
In the past, complaints were brought forth concerning the systems’ performance, emphasizing the need to fix glitches before the incorporation of additional contracts on new coins. Users are now waiting to see what the upgrade has to offer to smoothen operations in the exchange.