Posted 1 year ago | by Ben Armstrong
Binance Releases its Biggest Upgrade Yet
Earlier this week the world’s leading cryptocurrency exchange, Binance, announced that it would be upgrading its spot trading platform on June 28.
The upgrade was expected to take two hours and a wide range of platform features including deposits, withdrawals, spot trading, and P2P trading would not be available during the period of the upgrade.
The upgrade was done successfully during the morning although it took longer than expected. As so, Binance is now working and available for use after a total overhaul of its matching engine and addition of new features.
Binance is Getting Ready for the Next Wave
Binance has experienced a variety of system upgrades since its launch back in 2017. Most of them were simple performance improvements while others were more noticeable changes.
Some of these changes were part of major updates such as the first launch of futures products and margin trading to its users a year ago, the addition of lending products and cryptocurrency staking features shortly after, and the introduction of lead exchange options on the Binance Futures trading platform back in April.
According to Changpeng Zhao (CZ), Binance CEO, today’s upgrade is its largest project as it involves a new completely overhauled matching engine written in a new programming language from scratch, which took 2 years to complete.
Although details on exactly what was changed and how it will affect the future of the exchange platform are not much, Zhao claims the new upgrade will ready the platform for the "next wave.”
An Upgrade to Boost Increase Performance
Binance was originally launched with the fastest matching engine in the business, which could keep up around 1.4 million orders/second.
However, the exchange has been increasing in both active users and the number of markets in the last three years, with high-frequency and algorithmic trading strategies being more and more commonplace as of late.
These factors combined with wild fluctuations in the trading volume had led to situations where the exchange has struggled with overload, causing several issues for users during critical market periods.
More Coming Soon!
Though there are still no exact figures on the performance improvements the new update offers, Zhao’s tweet suggests that the new update will offer a performance improvement of around 10 times faster than the old matching engine.
According to CZ, the exchange could theoretically handle 100x more volume but could be bottlenecked by other systems during the initial testing, which will be fixed quickly.
Binance customers now can resume deposits, cancel orders, and trade using the spot platform, however, it will take time to see what the new upgrade can do with Binance's recent issues.
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