In summary:
- Earlier today, the engineering team at Binance successfully completed an upgrade of the trading platform.
- Binance CEO, CZ, explained that this was the largest upgrade to date.
- The team switched the matching engine to a new programming language that would make the platform 10x faster.
- The changes were 2 years in the making.
Users of Binance were on June 26th notified of a scheduled 2-hour upgrade of the platform. The upgrade was carried out today, June 28th, at 2 am UTC. The upgrade only affected the spot trading platform with the Binance Futures and Options side of the exchange continuing with business as usual.
The team at the exchange further explained that they would suspend the following features on the platform: deposits, withdrawals, spot and margin trading, P2P trading, OTC Portal trading, savings and redemptions, and the transfer of assets in sub-accounts, margin accounts, futures accounts and fiat wallets.
Largest Binance Upgrade to Date
The planned upgrade was however extended by 2 hours due to the enormity of the task at hand by the engineers of Binance. It was after the upgrade was successfully completed, that Binance CEO, Changpeng Zhao, explained that the upgrade was the largest to date. He explained
that the upgrade was two years in the making and involved switching the matching engine to a new programming language.
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
10x Faster and Can Handle 100x More Volume
When asked about the difference in speed of the new version of the Binance platform compared to the older version, CZ responded that it is probably ten times faster with the possibility of handling 100 times more volume than the older version of the matching engine.
Probably 10x more, so in theory can handle 100x volume. But when real volumes hit, there will be some other peripheral systems that may temporarily bottleneck, but will be fixed quickly.
— CZ Binance 🔶🔶🔶 (@cz_binance) June 28, 2020
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