Binance to support Optimism network upgrade and hard fork

Binance support for Optimism network upgrade aims to improve performance and user experience.

On January 10, 2025 at 02:00 (UTC+8), Binance announced that it supports the Optimism (OP) network upgrade and hard fork. To facilitate the upgrade, Binance will temporarily suspend token deposits and withdrawals on the OP network starting at 1:00 AM (UTC+8) on the same day.

The OP network upgrade is designed to improve the user experience, scalability and overall performance of the network. Binance assured users that trading of tokens supported by the OP network will not be affected during this period.

A major update or change to a blockchain network’s protocol that is incompatible with previous versions is known as a hard fork. This means that all network participants must update their software to the latest version to continue participating in network events. Hard forks usually fix security vulnerabilities, introduce new features, or increase the scalability and efficiency of the network.

Hard forks have historically played a very important role in the development of blockchain technology. For example, the “Merger” transitioned Ethereum to a proof-of-stake consensus mechanism, while the “London” update introduced EIP-1559, which replaced the traditional auction-based fee model with a burned (decirculated) base fee. ) and an optional priority fee (tip) for faster transactions. This improved the predictability of the gas fee and added a deflationary element to the supply of Ethereum (ETH).

These improvements underscore the importance of continued innovation and security in blockchain networks.

Users should note that deposits and withdrawals on the OP network will be paused starting from 1:00 January 10, 2025 (UTC+8). To avoid any inconvenience, users are advised to complete the necessary actions in advance. Binance will fulfill all technical requirements for the upgrade, providing users with a seamless experience. Once the network is stable, deposits and withdrawals will automatically resume without the need for further announcement.

Users are also encouraged to follow the upgrade by Binance and read the official upgrade announcement made by the OP network. for the most up to date information. Users are also warned to be wary of any fraud or misinformation regarding the upgrade.