Syscoin (SYS) Network Upgrade

Binance will support the network upgrade of Syscoin (SYS).

The specific arrangements are as follows:

Binance is expected to suspend the deposit and withdrawal of SYS tokens at 18:49 on December 06, 2021, Eastern 8th district time, in order to support Syscoin (SYS) at the SYS block height of 1,317,500 (estimated Eastern 8th district time on December 2021 June 06 19:49) network upgrade. This network upgrade is expected to take a long time.

During the network upgrade, the transaction will not be affected.

Syscoin (SYS) will be upgraded to the SYS block height of 1,317,500 . The estimated time is for reference only.

Please recharge in advance, and Binance will assist users in dealing with any technical issues in the network upgrade.

Binance will reopen deposits and withdrawals after the Syscoin (SYS) network upgrade is completed when the network is operating stably. No further announcement will be made.

In addition to enabling the Syscoin (SYS) ecosystem to support the Ethereum virtual machine and scalable smart contracts, this NEVM upgrade also includes the following important changes.

After the implementation of EIP-1559, the maximum supply of Syscoin will be replaced from 888 million to the dynamic supply. Network fees will be used to destroy tokens.

Every year, up to 1.25% of the new tokens will be given back to the master node and NEVM miners. In fact, due to the destruction of tokens, the annual token inflation rate will be lower than 1.25%.

The community has agreed to add 100 million SYS tokens. The circulating supply will increase from 623 million to 723 million. Users who hold SYS tokens will be diluted by approximately 13.83%.

The newly added tokens will be allocated to the Syscoin Foundation for project development and TVL incentives to promote the growth of the ecosystem, marketing and the establishment of strategic partnerships.

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