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On July 12, the BNB chain announced that a scheduled hard fork upgrade is expected at block height 328,088,888 in the mainnet blockchain.
It added that given the current speed of block generation, the hard fork is estimated to occur on July 19. BNB Chain was formerly known as Binance Smart Chain (BSC).
The hard fork is named after Zhang Heng, a Chinese polymathic scientist and statesman who lived during the Han dynasty.
Important information about our latest upgrade ⤵️
— BNB Chain (@BNBCHAIN) 12 July 2023
BNB chain security improvements
The upgrade will introduce BEP-255, which proposes to “implement an on-chain asset solution on the BNB beacon chain to improve security.”
It states that “user balance changes are tracked in each block and will be collated to identify issues” before adding:
“When reconciliation errors occur, the blockchain will panic and stop generating new blocks.”
It states that there is also a bug fix for a security issue called “Rogue Key Attack”.
The team explained that BNB holders do not need to take any action, but full node operators need to switch to v0.10.16.
Last month the BNB chain went through another hard fork called Luban which introduced three development proposals (BEPs).
According According to DeFiLlama, the BNB chain is the third largest in terms of total value locked with $3.3 billion. It states that there are 626 protocols running on the network, which has approximately 1.38 million active users.
However, since the beginning of the year, BNB chain TVL is down by almost 30%. Additionally, it is down 85% from its all-time high of $22 billion in May 2021.
The largest protocol on the network is PancakeSwap DEX with almost half of the total value locked.
BNB Price Outlook
At the time of writing BNB prices were trading down 2.3% at $243. The asset gained 6% on July 10 as users loaded up on BNB to participate in the Arkham Token Sale, which begins on July 17 on Binance Launchpad.
However, BNB has lost 21% since the SEC sued Binance in early June. The exchange token, which the regulator alleges is a security, is down 64.5% from its May 2021 all-time high of $686.
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