Binance, a major global cryptocurrency exchange, has thrown its weight behind the upcoming hard fork and network expansion of Firo, a privacy-focused digital currency formerly known as Zcoin.
This development, announced on September 12th, is set to enhance the Firo network and attract greater attention from the crypto community. The news has already positively impacted Firo’s price, which jumped 3%.
Binance Gears Up for FIRO Upgrade
According to Binance’s official statement, the exchange is actively working to support Firo’s network upgrade and hard fork. Additionally, Binance plans to temporarily suspend FIRO token deposits and withdrawals from September 16th at 04:00 UTC.
This pause is intended to ensure a smooth transition during the upgrade, minimizing any potential disruptions for users. The upgrade is scheduled to take place at block height 958,655, expected around September 16th at 05:00 UTC.
Revamped Tokenomics and Community-Driven Decisions
The Firo community has been instrumental in shaping the upcoming upgrade, which will introduce key changes to the token’s economic model. The Firo v0.14.14.0 upgrade will restructure the distribution of block rewards, allocating 70% to masternodes, 5% to miners, 15% to the development fund, and 10% to the community fund. These changes were made based on community voting, underscoring the project’s decentralized nature.
Market Reaction and Price Movement
The market reacted positively to Binance’s recent announcement supporting Firo’s network upgrade. Following the news, Firo’s price recorded an immediate boost, climbing by 3% and reaching a new level at $1.12.
Source: CoinMarketCap
This upward climb was briefly paused as the cryptocurrency dipped to $1.08 but swiftly rebounded to hit a new all-time high of $1.13. At the time of writing, the price has stabilized around $1.12. This price action suggests growing bullish sentiment among investors, with a potential support zone forming in the $1.11 to $1.12 range.