IOTA's Major Upgrade: The Rebased Network Shift
Binance Announces IOTA Withdrawal Halting on Specific Date Due to Reasons Revealed
Get ready, IOTA enthusiasts! The IOTA network is gearing up for a significant transformation with the upcoming Rebased network upgrade on May 5, 2025. This shift promises a fully decentralized, ultra-scalable, and more secure IOTA network to raise the bar in the crypto realm.
Here's a lowdown on what we can expect from the Rebased upgrade:
IOTA Rebased Upgrade Key Features
- Decentralization and Validators: With up to 150 validators, the network will strive for complete decentralization. The Genesis Ceremony, led by the IOTA Foundation and an initial group of 12 validators, will usher in this new era [1][3].
- Scalability and Performance: The network aims to process over 50,000 transactions per second (TPS), boasting nearly instant finality [1].
- Security and Staking: The upgrade introduces a staking feature with potential yields between 10% and 15% APY [1].
- Smart Contracts: The network will support decentralized applications built using MoveVM for L1 smart contracts [1].
Exchange Support and Service Suspensions
Major players in the crypto exchange world, such as Binance and Binance.US, will temporarily suspend IOTA deposits and withdrawals during the upgrade to ensure user safety during the hard fork [1]. While trading will carry on uninterrupted, it's important for users to prepare for potential disruptions in deposits and withdrawals. Exchanges like Bitfinex and Bithumb have also announced their support, mirroring Binance's approach [1].
May 5, 2025 Timeline
- Network Shutdown and Preparations: The initial steps include network shutdown and creating Genesis data.
- Genesis Ceremony: This ceremony launches the new network, led by the IOTA Foundation and other validators.
- Exchange Actions:
- Binance will suspend IOTA deposits and withdrawals at approximately 6:00 a.m. (UTC) on May 5 [1].
- Binance.US will have already retired existing deposit addresses by May 2 and will suspend deposits/withdrawals on May 5 [1].
- Upgrade Completion: The network upgrade's stability will determine when exchanges will resume IOTA deposits and withdrawals [1][3].
With the IOTA Rebased network upgrade, IOTA is poised to secure its place as a promising player in the crypto landscape, offering an unprecedented level of scalability and enhanced features.
[1] Enrichment data: https://utoday.news/en/iota-rebased-upgrade-key-highlights/[2] Enrichment data: https://utoday.news/en/iota-network-roadmap-space-mid-2021-to-2025/[3] Enrichment data: https://iotalabs.co/iota-rebased-network-upgrade-guide/[4] Enrichment data: https://iota.org/rebase/
- In the crypto market, Binance and Binance.US, along with Bitfinex and Bithumb, have announced their support for the IOTA Rebased network upgrade.
- As the IOTA Rebased network upgrade approaches on May 5, 2025, major crypto exchanges will temporarily suspend IOTA deposits and withdrawals to ensure user safety during the hard fork.
- The IOTA Rebased network promises enhanced security with a staking feature offering potential yields between 10% and 15% APY.
- With the shift to the Rebased network, IOTA aims to process over 50,000 transactions per second, showcasing nearly instant finality.
- The upcoming IOTA Rebased network upgrade will support decentralized applications built using MoveVM for L1 smart contracts, marking a significant step in the world of Defi.
- By 2025, IOTA's technology is expected to secure its place as a competitive player in the crypto exchange landscape, offering unparalleled scalability and innovative features, such as the token named IOTA.
