Bybit has announced its support for the Zilliqa network upgrade and hard fork, scheduled for June 22, 2025. Transactions involving Zilliqa (ZIL) will be paused temporarily.
The event signals coordinated industry efforts to ensure the integrity and security of user funds, with major exchanges like Bybit participating. Immediate market reactions have been minimal due to the routine nature of such upgrades.
Bybit to Pause ZIL Transactions on June 22
Bybit, a major cryptocurrency exchange, has announced plans to support the Zilliqa network upgrade, aiming to maintain user asset safety. Scheduled for June 22, 2025, the upgrade will involve a temporary pause in ZIL transactions.
Bybit’s statement emphasizes the suspension’s focus on safety during the process. Industry-wide coordination is evident, with exchanges like MEXC participating in the upgrade but noting no resulting hard fork.
“All deposits and withdrawals via Zilliqa (ZIL) will be temporarily suspended starting from Jun 22, 2025, 11:00PM UTC. The suspension may take up following the network upgrade and hard fork to ensure the safety of user assets.” – Bybit, Official Statement
Market Impact: Routine Suspension Expected to be Brief
Industry impact is primarily logistical, with trading continuing and transaction suspensions being brief. Market participants expect a prompt restoration of normal operations following the upgrade’s completion.
Financially, no new funding or institutional investments are indicated. The event is routine, prioritizing transaction integrity and technological refinement without altering overall market conditions or regulations.
Experts Predict Smooth Zilliqa Upgrade Process
Such technical updates often result in temporary service pauses, reminiscent of past blockchain upgrades. Historically, exchanges suspend transactions briefly to integrate changes and protect assets.
Experts from Kanalcoin highlight that Zilliqa-focused upgrades typically proceed smoothly, focusing on network stability with minimal disruption. Historical trends suggest user confidence remains steady post-upgrade.
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