Binance, one of the largest cryptocurrency exchanges globally, made a significant announcement on Thursday regarding its support for Firo, a privacy-focused digital cash project formerly known as Zcoin. The exchange revealed its intention to support Firo’s upcoming hard fork and network upgrade, which has triggered renewed interest in the token. As a result, Firo (FIRO) experienced a price jump of nearly 3% within a short time frame, signaling growing optimism in the crypto community.
Binance Extends Support For Firo’s Hard Fork
In an official statement dated September 12, Binance announced its decision to support Firo’s latest upgrade. The exchange detailed its plans to begin preparations for the network upgrade and hard fork, aligning with Firo’s community-driven changes. According to the announcement, Binance will halt FIRO deposits and withdrawals starting September 16 at 04:00 UTC to ensure a smooth transition.
The hard fork is scheduled to occur at block height 958,655, which is estimated to take place on September 16 at around 05:00 UTC. The upgrade, Firo v0.14.14.0, will implement important changes to the tokenomics of the privacy-focused cryptocurrency. This follows a vote by Firo’s community that determined the redistribution of block rewards.
Major Tokenomics Changes
Once the upgrade is implemented, Firo’s block rewards will be restructured as follows:
- 70% to Masternodes
- 5% to Miners
- 15% to the Development Fund
- 10% to the Community Fund
These changes reflect Firo’s ongoing efforts to strengthen its privacy-based ecosystem while also maintaining long-term sustainability through community-driven initiatives. The Firo team has issued an official statement outlining these developments, emphasizing the importance of the upgrade for the project’s future.
FIRO Price Surge
In reaction to Binance’s announcement, the price of FIRO surged by nearly 3%, with the token currently trading at $1.12. Firo’s intraday low and high were recorded at $1.07 and $1.14, respectively, showing a positive price movement in line with the broader cryptocurrency market trend. In addition, Firo’s 24-hour trading volume saw a 7% increase, reflecting growing interest among traders.
Binance’s history of supporting token upgrades often brings price rallies in the associated cryptocurrency. A recent example includes the price surge of AERGO following Binance’s enhanced offerings, as reported by CoinGape Media. The growing excitement around Firo’s upcoming hard fork has led many crypto enthusiasts to speculate on whether this support could drive a more significant price rally in the coming days.
Also Read: Metalpha Deposits $77.55 Million In Ethereum To Binance – Key Whale Moves and Market Impact
With Binance backing Firo’s hard fork and tokenomics overhaul, market participants are optimistic about the token’s potential for growth. The privacy-focused project has long been a niche player in the crypto space, but Binance’s support is raising its profile, possibly attracting new interest from both retail and institutional investors.
As the hard fork date approaches, the eyes of the cryptocurrency world will be on FIRO. Will this privacy-focused project break out in the wake of its major upgrade? For now, all signs point to heightened interest and a potential price surge as the market reacts to Binance’s latest move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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