The BNB Smart Chain performed the ‘Plank’ hard fork on 12 April, intended to improve the security and stability of the layer-1 network. Through a tweet, Binance confirmed the completion of the upgrade and announced the resumption of deposits and withdrawals on the chain which were halted temporarily.
<p lang=«en» dir=«ltr» xml:lang=«en»>Please note that the upgrade is now complete.Deposits and withdrawals on BNB Smart Chain (BEP20) have resumed.
— Binance (@binance) April 12, 2023
The native token of the ecosystem, Binance Coin [BNB], responded positively. It recorded 24-hour gains of 1.06% on its price at press time, per CoinMarketCap .
Read Binance Coin [BNB] Price Prediction 2023-24
As part of the security enhancements, the cross-chain bridge between the Beacon Chain and the Smart Chain will be made stronger by introducing several features.
They include enabling validators to pause cross-chain channels, automatic pausing in case of forged proof detection, and applying a timer lock for large cross-chain transfers.
The upgrade comes at a time when the BNB Chain was making headlines for an increase in cross-bridge hacks.
As per a report by ImmuneFi, a Web3 bug bounty platform, BNB Chain was the most targeted in Q1. There were 33 incidents of hacking on BNB Chain, representing more than 40% of the total losses across targeted chains.
Source: ImmuneFi
In fact, when we asked ChatGPT if increasing hacks will be the undoing for Binance, it responded by stating that they were ‘definitely a cause for concern.’
The AI bot added that hacks could impact not only the adoption of the BNB Chain but the value of the BNB coin as well.
Source: ChatGPT
Despite the growing incidents of hacks and looming regulatory concerns, BNB Chain
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