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Binance Will Support the Syscoin (SYS) Network Upgrade
Binance will support the Syscoin (SYS) network upgrade.
- The Syscoin (SYS) network upgrade will take place at SYS mainnet block height of 1,317,500 or at approximately 2021-12-06 11:49 (UTC). Deposits and withdrawals of SYS will be suspended starting from approximately 2021-12-06 10:49 (UTC). It will take some time to resume service.
- The trading of SYS will not be affected during the upgrade.
- The Syscoin (SYS) network upgrade will take place at SYS mainnet block height of 1,317,500. The estimated time is for users’ reference only.
- Binance will handle all technical requirements involved for all users holding SYS in their Binance accounts.
- We will reopen deposits and withdrawals for SYS once we deem the upgraded network to be stable, and we will not notify users in a further announcement.
- The Network-Enhanced Virtual Machine (NEVM) upgrade brings Ethereum Virtual Machine (EVM) and scalable smart contracts to the Syscoin ecosystem with several notable changes below:
- With the implementation of EIP-1559, Syscoin’s maximum token supply of 888 million SYS will be replaced with a dynamic supply schedule. Transaction fees will also be burned.
- There will be a maximum of 1.25% annual inflation to reward masternode and NEVM miners. In reality, annual inflation will be lower than 1.25% due to fees being burned.
- The community has approved a proposal to mint an additional 100 million SYS tokens. The circulating supply of SYS will increase from 623 million to 723 million. Existing SYS token holders will be diluted by ~13.83%. The newly minted tokens will be allocated to the Syscoin Foundation for development, TVL incentives to foster the growth of the ecosystem, marketing, and to enable strategic partnerships. (Details here)
For more information on the network upgrade, please refer to the following:
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.