Binance completes its ‘largest upgrade to date’

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Jun 29, 2020
  • Binance completed its largest upgrade ever, according to its CEO, Changpeng Zhao.
  • Zhao stated that the upgrade is 'as big as it can get,' and it completely revamped the matching system.
  • The system is now much faster, and it should be able to handle large volumes that were emerging lately.

Binance’s CEO, Changpeng Zhao, recently announced that the exchange has successfully completed its largest upgrade so far. As such, Binance’s trading platform is back in business.

Binance’s biggest upgrade yet

The upgrade was vast, and it changed a lot, including the entire matching engine, which was switched to an entirely new programming language. In essence, all of the code was re-written in the process.

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Zhao also used a curious statement to explain the move, saying that Binance is ‘redying for the next wave.’

The upgrade was conducted yesterday, and it was an event that Binance scheduled a long time ago. The exchange’s developers have allegedly worked on it for the past two years.

However, the exchange did not reveal the upcoming upgrade until Friday, June 26th. When it finally made the event known, it said that everything should be done in about two hours. But, when the upgrade actually arrived, it lasted for a bit longer — around three hours.

Still, when the exchange returned to business in early Sunday morning, everything seemed to be functioning perfectly.

The upgrade should let Binance handle large volumes

The upgrade, however, did not affect options and futures trading on the platform, according to the company. It only pertained to spot trading. Zhao called it ‘as big an upgrade as you can get,’ indicating that it really was quite massive.

As a result of the changes, he expects that Binance will be 10x faster than before. As such, it will be able to handle 100x more volume, now that the changes were made.

He did note that it is likely that issues could emerge in other parts of the ecosystem, but he believes that any such problem can be fixed relatively quickly.

Interestingly enough, Binance pushed the upgrade even though its old version was known for having one of the fastest matching systems in the industry. It has been at the top since the exchange was launched in 2017.

Still, high-frequency trading has been on the rise, and the exchange did experience issues due to significantly high trading volumes. It went offline several times recently, which is expected to be the thing of the past, now that it is equipped to handle large volumes with ease.

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