– Binance Coin had a positive reaction to the Kepler hard fork activating on the testnet on Tuesday.
– The update is set to align BNB Smart Chain with the Ethereum Shanghai upgrade, improving EVM compatibility.
– The BSC team also announced that by May 2024, the BNB Beacon Chain will be retired, citing it to be redundant.
The world’s third biggest Decentralized Finance (DeFi) chain, BNB Smart Chain (BSC), formerly known as Binance Smart Chain, is preparing to bring itself into the same league as Ethereum.The chain is set to undergo a crucial upgrade next month, which is fielding positive reactions presently after going live on testnet.
Binance brings its ‘Shanghai’ upgrade
Binance BSC is scheduled to witness the arrival of the Kepler hard fork on January 23, 2024, but before the upgrade hits the mainnet, it will be making its presence felt on the test net.The Kepler hard fork for the latter was activated on Tuesday as per the plan and is currently being tested by developers and users.
The Kepler hard fork, in many ways, is the Shanghai upgrade of Binance since this hard fork will align the DeFi chain with the recent changes noted on Ethereum.As staking withdrawal, along with other updates, came to Ethereum with the Shanghai
hard fork, the Kepler upgrade will align BSC with the same changes.
One of the key features for BSC will be Fast Finality, which will be focused on incentivizing validators efficiently, which will ensure faster and more reliable transaction confirmations.Furthermore, Kepler will improve the EVM (Ethereum Virtual Machine) compatibility of the BSC.
But beyond this update, Binance is also set to retire BNB Beacon Chain by April and May next year.
As part of its Fusion Roadmap, the Beacon Chain was designed as a staking and governance layer.
The BNB Beacon Chain, designed for staking and governance, once vital to BSC, is evolving— BNB Chain (@BNBCHAIN)
With changes in the blockchain landscape, redundancy and complexities prompt the discontinuation of the Beacon Chain.
Read ahead to learn more [1/5]
[December 19, 2023]
However, as per Binance, the evolution of BSC and changes in the blockchain landscape has made the Beacon Chain redundant.This has also introduced development complexities and security vulnerabilities.
Thus, to fix this, Binance will be retiring the chain in phases by May 2024, with the first phase set to go live in April 2024.
The update titled “Sunsent fork” will first disable cryptocurrency issuance and minting features as well as BSC validator creation in April 2024.This will be followed by three other updates, with the final sunset form set to take place a month later, which will halt the Beacon Chain.
Binance Coin price poised to go higher
Interestingly, the Binance Coin price had a bullish day despite the Beacon Chain retirement announcement.The
altcoin made it back up above $250 to trade at $252 at the time of writing and tested $255 as a resistance level for the fifth time in the past month and a half.
This barrier has not been surpassed since the beginning of November this year but is expected to be broken this time around.The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD)
indicators suggest bullishness is running high currently.
This will not only push BNB through $255 but also set the altcoin up for reclaiming $264 as support to mark a six-month high.
BNB/USD 1-day chart
However, if the breach fails, Binance Coin could retrace to $231 and remain consolidated, but losing this support level would invalidate the bullish thesis and bring BNB down to $219.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.
It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.
All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Ripple joins crypto firms in $78 million initiative to support pro-crypto candidates in US elections
Ripple CEO Brad Garlinghouse announced the firm’s decision to support pro-crypto candidates in the 2024 US election cycle.Garlinghouse criticized the US SEC for regulatory overreach and stated the need for advancement towards responsible regulation.
More Ripple News
Injective price hits new all-time high at $39.97, INJ sustains uptrend despite profit-taking
Injective (INJ), the Artificial Intelligence (AI) finance blockchain, hit a new all-time high on Tuesday, with INJ price hitting $39.97.
Injective negatively correlates with the largest asset by market capitalization, while Bitcoin price traded sideways last week, INJ rallied, yielding nearly 64% weekly gains.
More Cryptocurrencies News
Bitcoin price could climb to $45,000, alongside updates in Spot Bitcoin ETF filing by BlackRock
Bitcoin price rally to $45,000 is likely with the recent updates in Spot Bitcoin ETF applications.The anticipation surrounding Spot Bitcoin ETF has increased as BlackRock amended its application, filing a registration statement ahead of the new product offering.
More Bitcoin News
Cardano could rally 14% to $0.70 as TVL holds above $425 million
Cardano’s Total Value Locked held above the $425 million mark early on Tuesday, easing slightly from the all-time high from December 14.The asset, considered Ethereum killer, yielded 11% weekly gains for holders.
More Cardano News
Bitcoin: BTC cool-off prepares markets for crypto’s final two weeks of 2023
Bitcoin (BTC) price has shown resilience in December, resisting selling pressure coming from a weekly supply barrier.It comes as traders exercise patience, resisting the urge to book profits and looking at the bigger picture as 2024 has multiple bullish catalysts lined up for Bitcoin.
Read full analysis.
