- The IOTA Rebased mainnet upgrade is expected to come off on May 5, with Binance and Bithumb announcing their support.
- IOTA has cautioned that the current Firefly would not be supported after the upgrade; instead, a new official wallet would be presented.
The much-anticipated mainnet upgrade of the IOTA Rebased Protocol is set for Monday, May 5, as earlier disclosed by CNF. Fascinatingly, multiple crypto exchanges have declared their support with the latest coming from Binance and Bithumb.
In the announcement reviewed by CNF, Binance highlighted that the upgrade would start at approximately 7:00 UTC. However, deposits and withdrawals of all tokens on the IOTA network would be disabled at 6:00 UTC to ensure the best experience. Once the upgraded network is found stable enough, these disabled features will be reopened.
According to Binance, trading of IOTA network tokens would not be affected by its actions, and all technical requirements involving users would be adequately handled by the exchange.
Just like Binance, Bithumb has also announced that it would suspend deposits and withdrawals to accurately measure assets for token swaps.
What To Do Before the Upgrade
According to IOTA, no migration of tokens is necessary as users would simply have to load their existing wallets into the new wallets. To access the tokens after the upgrade, users have been asked to have access to their wallet’s private keys and mnemonic phrases. Also, they should ensure that their “Firefly or Bloom stronghold files are safely exported and accessible.”
It is also important to note that the current Firefly would not be supported after the Rebased upgrade. In this case, a browser extension would be used as the new official wallet. Ledger wallets would also be supported.
Users are also encouraged to use the complementary IOTA Wallet Dashboard app (available shortly before launch), which provides additional visibility and management options for your assets, including detailed views of vesting schedules from the Assembly-to-IOTA token conversion.
Meanwhile, the communication team confirmed that the IOTA EVM would be fully operational on the same day after the upgrade. According to them, an IOTA EVM Bridge Web App has been introduced for users who want to facilitate token transfers between Layer 1 and EVM. However, the EVM kits will be available in the next few days.
As detailed in our previous news story, the new network would launch with 13 validators. In each day, 10 additional batches of validators would be supported to reach about 50 in 4 to 5 days. The plan is to get 150 validators over the coming months. Immediately after the upgrade, RPC endpoints and APIs will also be available.
As discussed recently, some projects have also announced their intention to deploy on the mainnet, with Realize Finance becoming the first mover. Amidst the backdrop of this, IOTA has surged by 0.9% in the last 24 hours and 3.7% in the last seven days, trading at $0.21. According to our recent analysis, the asset could soon breach the $0.28 level.
