Home News Binance Shares Support for Loopring Smart Contract Upgrade

Binance Shares Support for Loopring Smart Contract Upgrade

by user

Binance announced on its website that it will suspend deposits and withdrawals of Loopring’s LRC token on May 7 at 12:00 p.m. (UTC) to support the LRC smart contract upgrade.

Binance noted that the new LRC smart contract will be 0xBBbbCA6A901c926F240b89EacB641d8Aec7AEafD, which will be recognized by exchanges starting May 9.

The upgrade will be conducted at an Ethereum block height of 7715000, after which Binance will no longer accept deposits of LRC tokens from the original LRC smart contract.

The exchange warns its users to leave enough time for their LRC deposits to be fully processed before the upgrade is implemented.

Loopring explained via Medium that the new token contract will enable LRC to handle additional uses and functionality within the protocol’s newer fee model, which allows trading fees to be paid in any ERC20 token but burns a small amount of LRC for all trades executed over the Loopring network.

Loopring is a protocol that offers a variety of open-sourced software that can be used to develop decentralized exchanges on Ethereum.

It can be deployed on top of any public blockchain that has smart contract support, as well as integrated into the native codebase of various blockchains.

The smart contract upgrade will also be supported on other exchanges such as Bitfinex, Bittrex, CoinMex, Gate.io, OKEx, Bitbns, and Kriptomat.