Mike Ermolaev, Head of PR at ChangeNOW crypto ecosystem, reveals how his service managed to survive the massive outage of Monero (XMR) withdrawals during the recent hard fork
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- ChangeNOW Visit Monero (XMR) Hard Fork Locked and Loaded, Says Mike Ermolaev
- Crucial Monero (XMR) Hard Fork Activated: What Has Changed for Experienced Privacy Coins?
ChangeNOW, a multi-product ecosystem of cryptocurrency instruments, has gone through the Monero (XMR) hard fork without delay in deposits and withdrawals. Its team explains what it takes to seamlessly implement a significant blockchain upgrade.
ChangeNOW Visit Monero (XMR) Hard Fork Locked and Loaded, Says Mike Ermolaev
According to a recent blog post shared by change now The team, its head of PR, Mike Ermolaev, revealed details of how the platform handled the Monero (XMR) network upgrade.
Ermolev informed readers that many Tier 1 cryptocurrency exchanges offer disabled deposits and withdrawals of Monero (XMR), which is the largest privacy coin by market capitalization and therefore an important element of the global Web3 ecosystem.
Namely, such restrictions were imposed by Binance (BNB), CoinEX etc. ChangeNOW has managed to continue providing these services due to its balanced liquidity strategy. It has allocated liquidity from various reserve mechanisms to guarantee continued availability of XMR funds.
Additionally, the Mainstream Monero (XMR) storage instrument Cake Wallet is supporting ChangeNOW in this massive liquidity concentration program.
Ermolev emphasized that XMR liquidity was siphoned off from a variety of sources, platforms, and reserve storage:
So basically, we collected liquidity from all corners of the pool, entering and exiting the doors of different providers one by one , A true sense of adventure. It’s nice to have so many doors, because they definitely benefit our users.
Crucial Monero (XMR) Hard Fork Activated: What Has Changed for Experienced Privacy Coins?
As a result, operations with Monero (XMR) were stopped during the hard fork itself on August 13, 2022. Similarly, ChangeNOW Supported the global liquidity ecosystem During the 2021 Dogecoin (DOGE) excitement when all top tier exchanges were closing DOGE deposits and withdrawals.
Not unlike the upcoming Ethereum (ETH) merge activation, the Monero (XMR) hard fork and its associated volatility spike were used by many traders to take advantage of new arbitrage opportunities.
Typically, exchanges cease operations during hard forks to avoid downtime issues due to network problems and heavy traffic fluctuations. By contract, non-custodial exchange ChangeNOW creates liquidity reserves to guarantee a seamless 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 their security and privacy features. With the new Bulletproof+ algorithm, the transaction size is reduced by 5-7%, while the verification performance is also improved.
Also, a total of 16 co-signers must now authorize Ring signatures (instead of the earlier 11 co-signers). Last but not least, View Tags allow users to increase the synchronization speed for the wallet by 30-40%.