Binance, one of the largest cryptocurrency exchanges in the world, recently announced that it successfully upgraded its trading platform. The CEO of Binance, Changpeng Zhao (CZ) called the upgrade on Twitter the “biggest upgrade” Binance has ever gotten since launch.
“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”
Earlier, Binance announced that they were going to upgrade their trading platform, the upgrade took about 2 hours. All deposits, trading, and withdrawal were disabled on spot and margin trading, P2P trading, OTC Portal trading, savings & redemption, as well as asset transfers from sub-accounts at the time of the upgrade.
Binance biggest upgrade
Binance has had major upgrades since 2017. Some were noticeable, and some were not. Many Binance upgrades were aimed towards improving the performance of the trading platform, as well as giving the best user experience to their users.
A year ago, Binance introduced staking, lending cryptocurrency, and margin trading. Not only that, but Binance has also introduced other projects since the start of 2020, which includes Binance P2P and Binance B2B. Binance P2P operates similarly to LocalBitcoins and Paxful; it allows users to buy cryptocurrency from an individual using an escrow that protects buyers from fraud. Binance B2B, B2B, means business to business; it will enable platform owners to integrate the “buy crypto” option to their site using Binance access standard API. It allows users to buy cryptocurrency using fiat currency, the cryptocurrency is then stored in the user Binance account.
Binance growth
Binance started their cryptocurrency exchange business with one of the fastest engines in the market at the time; it was able to handle up to 1.4 million orders per second.
The number of active users using Binance has increased with a high amount since the last three years. Upgrades and improvements as needed to keep Binance striving.
Binance CEO confirms the function of the upgrade
As pointed out by a Twitter user, Binance was already able to manage their existing volume, which begs the question: what exactly has been upgraded? CZ, Binance CEO said on Twitter that the platform is:
“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.”