Binance has announced that it will support the network upgrade and hard fork for Firo (FIRO) which will begin on September 16, 2024 at approximately 07:00 UTC.

Binance to Support Firo (FIRO) Network Upgrade and Hard Fork

As part of this process, Binance will temporarily suspend token deposits and withdrawals on the Firo network to ensure a smooth transition and optimal user experience.

The Firo network upgrade and hard fork will occur on the same day at around 08:00 UTC at block height 958,655. One of the biggest changes in this upgrade is that all future halvings for FIRO tokens will be stopped.

This will result in the token supply reaching 21.4 million in the next 5 to 6 years, after which the inflation rate will decrease from its current rate of 0.98% per year.

Despite the upgrade, trading of Firo tokens on Binance will not be affected and the exchange will handle all technical aspects on behalf of its users.

Deposits and withdrawals will resume once the network upgrade is deemed stable, and no additional announcements will be made once completed.

Users are encouraged to review Firo’s updated tokenomics for more details on the network changes.

*This is not investment advice.