By
Temitope Olatunji
April 18th, 2024
Being among the leading largest crypto exchanges in the world, Binance with no doubt has its influence in the digital asset market that cannot be ignored. And its latest upgrade is an important milestone for the industry.
Binance CEO Changpeng Zhao went to his official twitter page to announce the largest upgrade his company has made so far. “This is the largest upgrade,” he said.
“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 you can get. 2 years in the making, all for faster performance. Readying for the next wave,” he explained.
As expected, the announcement attracted a lot of attention from the crypto community, especially traders. Mostly, a lot of excitement that the company’s systems can now handle huge volume without downtimes.
A new crypto wave adoption is anticipated to push the market on crazy bull run, putting in mind the industry is highly controlled by speculative trading.
Furthermore, almost two months are gone after the 2020 Bitcoin halving that essentially drives all other digital assets up with it.
On the other hand, top altcoins like Ethereum that are expected to undergo a fork to ETH 2.0 will drive the adoption to another level. Another one is the stablecoins like USD coin that have seen its popularity grow immensely during the COVID-19 pandemic.
Another notable one is XRP that its parent company, Ripple Labs is moving quickly to see its adoption globally move at a higher rate.
All these fundamentals are factors that will eventually lead the crypto market to rally possibly in the next few months.
Binance Upgrade Bigger Picture
Being among the leading largest crypto exchanges in the world, it has with no doubt its influence in the digital asset market that cannot be ignored.
Despite the company not revealing what programming language the new system was written on, it is anticipated to be a huge game changer in the market.
For one, the competition will level up, which will force other exchanges to up their game. Eventually, consumers get the best services.
Binance is anticipating to hit a new speed level despite the shortcomings during previous high market volatility.
Zhao replied to one of the comments asking on the speed to be expected in comparison to older version and said, “Probably 10* more, so in theory can handle 100* volume. But when real volumes hit, there will be some other peripheral systems that may temporarily bottleneck, but will be fixed quickly.”
Such processing speed will definitely put the exchange on a vantage point ahead of the bull rally. With Binance large market influence, it’s growth might kill competitors, which might eventually lead to monotony. However on the other hand, looking at it from a different perspective, the industry is growing and the leaders are paving the way for the rwst to follow.