Leading cryptocurrency exchange Bybit has announced that it has temporarily stopped the deposits and withdrawals of all MERL (Merlin) tokens on the Merlin network.
This suspension is related to a planned upgrade of the Merlin network and is expected to last approximately 12 hours, Bybit announced on its official website.
Date and time: The upgrade will begin on May 24 at 15:00 (GMT+8) and will last approximately 12 hours. Deposits and withdrawals of MERL tokens on Bybit will be unavailable from 7:00 UTC on May 24, 2024.
During the upgrade, users will not be able to deposit or withdraw MERL tokens. This affects transactions on both Bybit's spot trading platform and Bybit Web3 crypto wallets. The suspension is part of a broader effort to improve network capabilities and ensure continued stability and security for users.
Bybit assures users that deposits and withdrawals will automatically resume once the upgrade is complete and network stability is confirmed. There will be no additional announcements when the limitations are lifted.
For convenience, users can set up alerts on the deposit and withdrawal interfaces on the Bybit platform. These alerts will notify them when MERL transactions are available again.
The Merlin Chain upgrade is an important step for the network, promising new features and improvements. Users interested in learning more about the upgrade and its impact can visit a dedicated page on the Bybit website where they can find more about upgrades and technical details.
Bybit's proactive communication and convenient notification system ensure that users can effectively manage their investments and resume their activities as soon as the update is complete. The time constraints underscore the exchange's commitment to providing a secure and efficient trading environment.
Effects of the upgrade:
1. Merlin Chain will suspend block production during the upgrade.
2. Official nodes will continue to read historical data as usual but will not be able to receive or process new transaction requests.
3. The official cross-chain bridge will be temporarily unavailable.
4. The Particle wallet will be unavailable in the Merlin chain.
All self-built external nodes should update their node programs upon official notification of a successful upgrade.
Earlier, Bybit introduced a new API feature, WebSocket, to increase the speed and efficiency of trading. Bybit's exclusive offer is also in place, allowing new users from Southeast Asia to earn up to 333% APR.
The Bybit cryptocurrency exchange is a stand-alone derivatives trading platform with inverse and open-ended futures contracts with leverage up to 1:200. The exchange has a number of technological advantages. Also, it provides mutual insurance for market participants against possible sharp price movements.
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