Binance crypto exchange, after temporarily halting activities on its platform to upgrade its service is back up and running. Claimed to be the largest upgrade in the last two years, Binance upgrade was a complete overhaul of its matching engine.
The crypto firm, however, said in a release earlier that it would be upgrading its trading platform on Sunday, June 28. Binance upgrade, as announced, was to last for two hours, improving a wide range of features like deposits, withdrawal, and spot trading. While the Binance upgrade was on, trading activities were suspended as the upgrade process took longer than scheduled but completed successfully.
Changpeng Zhao speaks highly of Binance upgrade
Binance CEO, Changpeng Zhao in a tweet, said that the recent upgrade is the largest upgrade to date. Since the crypto firm launched in 2017, the firm has undergone a series of system upgrades, some of which were simple upgrades and other more noticeable changes.
This is the largest upgrade to date. We switched the matching engine to a new programming language (and re-wrote all code from scratch, as required). That's as big an upgrade as you can get. 2 years in the making, all for faster performance. Readying for the next wave… #BUIDL
— CZ 🔶 Binance (@cz_binance) June 28, 2020
Last year, Binance doled out future products and main trading to users and also lending products and crypto staking features after. Earlier this year, the platform also launched option futures trading platform.
Amidst all these updates, Zhao says today’s update is the largest yet. The most recent upgrade has a completely overhauled matching engine written in a new programming language that was developed for two years.
However, how the upgrade would affect the future of the platform was not elaborated as Zhao only said the update has readied the platform for the new wave.
Binance remains largest crypto exchange platform
Since the firm launched in 2017, its matching engine was arguably the best, which had the capacity to sustain around 1.4 million orders/seconds. The firm in the same light experienced a surge in active users and the number of markets in the last three years.
Also, high-frequency and algorithm trading strategies has been adopted by the firm recently. This strategy, alongside wide fluctuations in trading volume, has caused overload issues for the firm affecting users during critical market periods.
However, with the new upgrade, it offers probably offers a 10x performance improvement over the old matching engine, according to Zhao.