Upbit Halts Filecoin Trading Ahead of Network Upgrade

South Korea’s leading cryptocurrency exchange, Upbit, has announced a temporary suspension of Filecoin (FIL) trading, effective August 6th at 11:00 AM. This decision is directly tied to Filecoin’s upcoming network upgrade, codenamed ‘Waffle’ or NV23.

Network upgrades are a common occurrence in the cryptocurrency world. They often involve introducing new features or improving existing ones. However, these upgrades can also introduce instability or bugs into a network. To mitigate any potential risks during the Filecoin network upgrade, Upbit has decided to temporarily halt trading. This precautionary measure is designed to protect users from any disruptions or losses that may occur during the upgrade process.

The NV23 upgrade is expected to bring several improvements to the Filecoin network, including:

Enhanced Network Performance: Faster transaction times and reduced storage costs.

Improved Interoperability: Better integration with the broader blockchain ecosystem, especially Ethereum.

Soft Launch of Filecoin Plus v3: This will significantly reduce block confirmation times.

In the past 24 hours, FIL has experienced a 2.65% decline, trading at $4.34. The exact timing of when Upbit will resume FIL trading remains uncertain and will depend on the successful completion of the network upgrade.