Binance and Bithumb Back IOTA Rebased Upgrade Set for Next Week

By: crypto news flash|2025/05/02 22:15:01
0
Share
copy
The IOTA Rebased mainnet upgrade is expected to come off on May 5, with Binance and Bithumb announcing their support. IOTA has cautioned that the current Firefly would not be supported after the upgrade; instead, a new official wallet would be presented. The much-anticipated mainnet upgrade of the IOTA Rebased Protocol is set for Monday, May 5, as earlier disclosed by CNF. Fascinatingly, multiple crypto exchanges have declared their support with the latest coming from Binance and Bithumb.In the announcement reviewed by CNF, Binance highlighted that the upgrade would start at approximately 7:00 UTC. However, deposits and withdrawals of all tokens on the IOTA network would be disabled at 6:00 UTC to ensure the best experience. Once the upgraded network is found stable enough, these disabled features will be reopened.According to Binance, trading of IOTA network tokens would not be affected by its actions, and all technical requirements involving users would be adequately handled by the exchange.Just like Binance, Bithumb has also announced that it would suspend deposits and withdrawals to accurately measure assets for token swaps.What To Do Before the UpgradeAccording to IOTA, no migration of tokens is necessary as users would simply have to load their existing wallets into the new wallets. To access the tokens after the upgrade, users have been asked to have access to their wallet’s private keys and mnemonic phrases. Also, they should ensure that their “Firefly or Bloom stronghold files are safely exported and accessible.”It is also important to note that the current Firefly would not be supported after the Rebased upgrade. In this case, a browser extension would be used as the new official wallet. Ledger wallets would also be supported.Users are also encouraged to use the complementary IOTA Wallet Dashboard app (available shortly before launch), which provides additional visibility and management options for your assets, including detailed views of vesting schedules from the Assembly-to-IOTA token conversion.Meanwhile, the communication team confirmed that the IOTA EVM would be fully operational on the same day after the upgrade. According to them, an IOTA EVM Bridge Web App has been introduced for users who want to facilitate token transfers between Layer 1 and EVM. However, the EVM kits will be available in the next few days.As detailed in our previous news story, the new network would launch with 13 validators. In each day, 10 additional batches of validators would be supported to reach about 50 in 4 to 5 days. The plan is to get 150 validators over the coming months. Immediately after the upgrade, RPC endpoints and APIs will also be available.As discussed recently, some projects have also announced their intention to deploy on the mainnet, with Realize Finance becoming the first mover. Amidst the backdrop of this, IOTA has surged by 0.9% in the last 24 hours and 3.7% in the last seven days, trading at $0.21. According to our recent analysis, the asset could soon breach the $0.28 level.

You may also like

Morning Report | DeepSeek completes over $7 billion in financing, with a valuation exceeding $50 billion; Musk's personal wealth has surpassed the total market value of Bitcoin

Overview of Important Market Events on June 16

SharpLink CEO: How to understand that Ethereum developers have just surpassed 1 million?

The most important question in the cryptocurrency industry is not which chain is the fastest, but rather where top builders choose to build in the long term. Ethereum has just surpassed one million cumulative developers; what does this number mean?

Morning Report | MiCA grace period expires on July 1; Kalshi's trading volume in the first week of the World Cup breaks $5.1 billion, setting a record

Overview of Important Market Events on June 15

The foundation of SpaceX's trillion-dollar valuation: Who is dividing Musk's annual capital expenditure of tens of billions?

SpaceX Supply Chain Revealed: The Invisible Gold Mine Behind the Trillion-Dollar "Space Dream," from Nvidia's Computing Power Monopoly to China's Sole Supplier of Special Materials, these overlooked water-selling talents are the true wealth creation engine.

How to exit after asset tokenization?

Currently, three models have emerged, aimed at providing instant exit routes for tokenized real-world assets. Their differences lie in: who holds the funds required for exit, how efficiently the funds operate, and the extent to which this model can be scaled across different asset types.

The stablecoin positioning battle escalates: When compliance is just a ticket to entry, will USD1 become the biggest winner?

How does the GENIUS Act reshape the stablecoin landscape?

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com