Binance XYM wallet always conjested?

General Discussion
#1

binance XYM wallet always conjested???

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#2

Probably it will be some time. People are eager to dump and some are withdrawing coins,some are depositing…

#3

It’s not the most accurate description. There haven’t been any withdrawals from the Binance wallet for a couple days.

In short, they just haven’t gotten it working smoothly yet.

This isn’t as simple for them as adding a new ERC20. - They have to integrate with an entirely new blockchain. Let’s try to have some patience as they get things sorted.

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#4

Binance suspends XYM withdrawal from time to time. due to the volume of withdrawal requests, try to regularly check your account if you can withdraw your XYM. https://www.binance.com/en/my/wallet/account/main/withdrawal/crypto/XYM

#5

Congestion has to be on Binance side. XYM blockchain has already gone into ghost town mode so lots of free space for transactions.

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#6

Volume in crypto are at an all time high’s. All platforms face a constant battle to scale there business whilst upgrading the software. Only way you can cope with 10x volume is to iterate better software. Really tough to do this in production when you are Safeguarding customer funds.

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#7

What are you talking about? XEM withdrawal is fast as always on Binance. Only XYM has this congestion shit. And on Polo the Withdrawals are just pending infinitely.

#8

Maybe they have reviewed the security procedures hence why they are updating NEM XEM wallet. NEM XYM is a completely separate token that has to be integrated from scratch into the wallet. It is not an ERC20 token.

#9

Why are you talking about the XEM wallet all the time? This is about XYM withdrawals.
And why are saying XYM is a token that has to be integrated into an existing wallet? What wallet are you talking about here?

Really fits the picture. Another confused and clueless NEM Group member…

#10

and now Polo wallet is under maintenance ?? :confused:

#11

Maybe because the Binance wallet for XEM has been suspended for maintenance and a number of the community have been asking about it. NEM had 2 tokens XEM and XYM

#12

I just windrow XYM from Binance to my Wallet and is worked well except the time (40 minutes) witch is I think just a matter of time until it returns to normal transaction time.

#13

I seem to remember that, just before the airdrop of XYM to XEM holders, the capitalization of XEM ballooned to about $40 Billion! And soon after the launch of XYM, XEM’s capitalization dropped like a lead balloon down to about $3 Billion.

I suspect that there are about $40 Billion worth of XYM trying to make their way to their rightful owners through Binance and elsewhere.

It is a verbose way of saying that Binance is probably overwhelmed with transaction requests for the withdrawl of those newly minted XYM. And their servers cannot handle the surge.

#14

XEM hit 90 cents, then dropped to 40 cents before the snapshot.

Current marketcap of XYM is around $1.9bill

Binance just integrated a brand new blockchain. It makes sense to test, throttle withdrawals, and closely monitor.

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#15

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