Contents
- ChangeNOW met Monero (XMR) hard fork locked and loaded, says Mike Ermolaev
- Crucial Monero (XMR) hard fork activated: What changed for veteran privacy coins?
ChangeNOW Noncustodial Crypto Exchange Seamlessly Supports Monero (XMR) Hard Fork, Here’s How
Vladislav Sopov
Mike Ermolaev, head of PR at ChangeNOW crypto ecosystem, reveals how his service managed to avoid large withdrawals of Monero (XMR) withdrawals during recent hard fork
ChangeNOW, a multi-product ecosystem of cryptocurrency instruments, has undergone the Monero (XMR) hard fork with no delays in deposits and withdrawals. The team explains what it takes to seamlessly implement critical blockchain upgrades.
ChangeNOW met Monero (XMR) hard fork locked and loaded, says Mike Ermolaev
According to a recent blog post shared by Change NOW team, head of PR Mike Ermolaev unveiled the details of how the platform handled the Monero (XMR) network upgrade.
Ermolaev informed readers that many Tier 1 cryptocurrency exchanges disabled deposits and withdrawals of Monero (XMR), which is the largest privacy coin by market capitalization and therefore a crucial element of the global Web3 ecosystem.
Namely, such restrictions were imposed by the likes of Binance (BNB), CoinEX and so on. ChangeNOW was able to continue to offer these services due to its balanced liquidity strategy. It has allocated liquidity from various reserve mechanisms to guarantee constant availability of XMR funds.
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Also, mainstream Monero (XMR) storage instrument Cake Wallet supports ChangeNOW in this massive liquidity concentration program.
Ermolaev emphasized that XMR liquidity was obtained from various sources, platforms and reserve stores:
So basically we collected liquidity from all corners of the pools, going in and out of different providers’ doors one by one — a true sense of adventure. It is good to have so many of these doors as they definitely benefit our users.
Crucial Monero (XMR) hard fork activated: What changed for veteran privacy coins?
As a result, operations with Monero (XMR) were only closed during the hard fork itself on August 13, 2022. Similarly, ChangeNOW supported the global liquidity ecosystem during the Dogecoin (DOGE) euphoria of 2021 when all top tier exchanges closed DOGE deposits and withdrawals.
Not unlike the upcoming Ethereum (ETH) Merge activation, the Monero (XMR) hard fork and the volatility spike associated with it were used by many traders to take advantage of new arbitrage opportunities.
Typically, exchanges shut down operations during hard forks to avoid network problems and downtime issues due to huge traffic spikes. By contract, non-custodial exchange ChangeNOW creates liquidity reserves to guarantee a smooth user experience during major network transitions.
On August 13, 2022, at a block height of 2,688,888, Monero (XMR) nodes activated a hard fork to advance its security and privacy features. With the new Bulletproofs+ algorithm, the transaction size is reduced by 5-7% while also improving the verification performance.
Also, a total of 16 co-signers should now authorize ring signatures (instead of 11 co-signers previously). Last but not least, view tags allow users to increase wallet sync speed by 30-40%.
