Binance Supports Polygon Upgrade, Temporarily Halts Deposits and Withdrawals

Binance, a prominent cryptocurrency exchange, has announced its support for the upcoming network upgrade of Polygon (POL), scheduled for July 1, 2025. This upgrade will involve a temporary suspension of deposits and withdrawals on the Polygon network, beginning at approximately 08:10 (UTC) on the specified date. The suspension is aimed at ensuring a smooth transition and enhancing the overall user experience during the upgrade process.

During the suspension period, users will not be able to deposit or withdraw tokens on the Polygon network. However, trading of tokens on the POL network will continue without interruption, ensuring that the market remains liquid and accessible. Binance will handle all technical requirements on behalf of users, so no additional action is required from them. The exchange has urged users to complete any intended deposits of POL tokens ahead of time, as deposit and withdrawal services will only resume once the network is deemed stable.

The network upgrade, known as the Bhilai Hard Fork, is a scheduled update to Polygon’s core infrastructure. It involves updating Polygon’s Bor nodes, which are essential 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 stated that 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, supporting the network’s transition toward adopting a new token standard, POL, aimed at improving how it operates for both users and developers.

Binance's proactive approach in supporting the upgrade demonstrates its commitment to providing a seamless experience for its users. By temporarily suspending deposits and withdrawals, Binance is ensuring that the upgrade process goes smoothly, minimizing any potential disruptions. This decision is essential for maintaining user trust and confidence in the platform. The stability of the network post-upgrade is crucial for continued trust in the platform, as users rely on the network's reliability and security. Any disruptions during the upgrade process could lead to a loss of trust, and Binance's support for the upgrade shows its dedication to maintaining a high standard of service and ensuring that users have a positive experience.