Here’s how Binance is supporting Polygon’s network upgrade

Layer 2 blockchain Polygon is set for an upgrade this week, and crypto exchange Binance is taking steps to support this process.

According to an official June 30 notice, Binance will temporarily suspend deposits and withdrawals for the Polygon network on July 1 as part of preparations for the scheduled network upgrade and hard fork.

The suspension will begin at 16:10 ET, with the upgrade expected to occur an hour later at block height 73,440,256. During this time, however, trading of Polygon tokens on Binance will continue without interruption

Binance added that it will handle all technical requirements on behalf of users, so users do not need to take any action themselves. The exchange also urged all intended deposits of POL to be done ahead of time, as deposit and withdrawal services will only resume once the network is deemed stable. 

Users must monitor the network’s status for updates and the resumption of services, as Binance noted that it will not issue a separate announcement for this. 

What is the Polygon Network Upgrade?

Polygon’s upcoming upgrade, called the Bhilai Hard Fork, is a scheduled update to the network’s core infrastructure. 

The upgrade involves updating Polygon’s Bor nodes, which are essential parts of the network’s blockchain infrastructure responsible for processing transactions and maintaining security. The new Bor version (v2.1.1) introduces changes to improve network performance and support a key protocol improvement proposal known as PIP-60.

Polygon co-founder and CEO Sandeep Nailwal said the upgrade is expected to boost the Polygon proof-of-stake chain’s throughput to around 1,000 transactions per second (TPS), with finality in under five seconds. A follow-up upgrade planned for October could push performance even higher, to 5,000 TPS with one-second finality.

Validators running Bor nodes must update their software and adjust certain configuration settings, including increasing the gas limit to 45 million to align with the upgrade requirements.

The hard fork is part of Polygon’s broader effort to enhance scalability and governance. It supports the network’s transition toward adopting a new token standard, POL, aimed at improving how it operates for both users and developers.