Los Angeles (CoinChapter) – Major cryptocurrency exchange Binance announced that it will support the activation of the Filecoin (FIL) network hardfork upgrade.
The update will occur on Monday, April 12, at 10 p.m. UTC, when block 665280 is added. It is designed to ensure that all sectors (including “outdated” ones) are treated by Filecoin (FIL) mechanisms equally.
Among the changes include the network structure transitioning to v11 and the implementation of Filecoin Improvement Proposal (FIP) 0014.
More than 200 Filecoin storage miners participated in the inaugural FILPoll, a new tool for surveying stakeholders on improvement proposals and other initiatives. Miners voted overwhelmingly to allow extending the v1 proof sector’s lifetime to up to 540 days.
Other sectors in the Filecoin (FIL) network will be prolonged as well. Specifically, sectors that are cryptographically sealed in version 7 will be active until May 21, 2022.
Binance, which accounts for 15% of the FIL trading volume, will temporarily halt deposits and withdrawals during the update. The exchange will handle all technical requirements necessary for a seamless upgrade of the Filecoin hardfork.
Last month, Grayscale Investments launched five new cryptocurrency trusts — one of which was based on Filecoin. The others were Chainlink (LINK), Livepeer (LPT), Basic Attention Token (BAT), and Decentraland (MANA).
Grayscale previously only offered cryptocurrency trusts for the bigger coins such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Grayscale look at investor demand and how reliable underlying blockchains are in their process of determining which crypto trusts to add. The company now offers a total of 13 crypto trusts to its customers with Bitcoin Trust ($34 billion) being the largest and most popular.
As of March 16, Grayscale held an aggregate of $42.9 billion crypto AUM.
Earlier this month, The9 purchased an additional $2 million in Filecoin mining machines. The Shanghai-based online game operator previously bought $10 million in Filecoin mining machines, recognizing the coin’s surge in popularity.
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