Caroline Bishop
Sep 05, 2024 15:55
Binance announces support for the Optimism (OP) network upgrade and hard fork, suspending deposits and withdrawals temporarily.
Binance, one of the leading cryptocurrency exchanges, has announced its support for the upcoming network upgrade and hard fork of the Optimism (OP) network. The upgrade is scheduled to take place on September 11, 2024, at approximately 16:00 (UTC), according to Binance.
Temporary Suspension of Deposits and Withdrawals
To facilitate the upgrade, Binance will suspend deposits and withdrawals for tokens on the Optimism (OP) network starting at 15:00 (UTC) on the same day. The exchange has assured users that the trading of tokens on the network will not be impacted during this period. Binance will manage all technical requirements for its users, ensuring a smooth transition.
Resumption of Services
Deposits and withdrawals will be resumed once the upgraded network is deemed stable. Binance has stated that no further announcement will be made regarding the resumption of these services. Users are advised to stay updated through the official Binance channels for the latest information.
Background on Optimism (OP)
Optimism is a Layer 2 scaling solution for Ethereum, aiming to reduce transaction fees and improve throughput. The network upgrade is part of ongoing efforts to enhance the scalability and performance of the Optimism network.
Potential Market Impact
Network upgrades and hard forks can often lead to short-term price volatility. Investors are encouraged to exercise caution and keep an eye on market trends. While the trading of OP tokens will remain unaffected during the upgrade, the temporary suspension of deposits and withdrawals could influence market liquidity.
For more details on the upgrade, users can refer to the official announcement from the Optimism project team on their GitHub page.
Binance reserves the right to amend or cancel this announcement at any time without prior notice. Users are advised to review Binance’s Terms of Use and Risk Warning for more information on the potential risks involved in digital asset trading.
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