Binance to Support Optimism Network Upgrade and Hard Fork

Binance has officially announced its support for the upcoming Optimism network upgrade and hard fork, which is scheduled for January 10, 2025, at 2:00 (UTC+8). As part of this upgrade, Binance will temporarily halt deposits and withdrawals for tokens on the Optimism (OP) network starting from 1:00 (UTC+8) on the same day. The purpose of this temporary suspension is to facilitate the network’s upgrade and ensure a smooth transition during the hard fork process.

The Optimism network upgrade aims to improve several aspects of the blockchain, including scalability, overall performance, and user experience. By enhancing these key areas, the upgrade is expected to contribute to the growing adoption and functionality of the OP network. Despite the pause in deposits and withdrawals, Binance has assured its users that the trading of tokens supported by the OP network will continue uninterrupted throughout the upgrade process. This means that users can still buy, sell, and trade these tokens during the period of network maintenance.

A hard fork is a major change or update to a blockchain’s protocol that is incompatible with its previous versions. This requires all participants in the network to update their software to the latest version to continue interacting with the network and conducting transactions. Hard forks typically aim to fix security issues, improve network scalability, add new features, or enhance performance. Notable past hard forks include Ethereum’s “Merge,” which shifted the network to a proof-of-stake consensus mechanism, and the “London” upgrade, which introduced EIP-1559 to improve gas fee predictability and add a deflationary element to Ethereum’s supply.

For the Optimism network, this upgrade will likely bring significant improvements, further advancing its ecosystem in line with the increasing demand for decentralized applications and solutions. Binance emphasizes the importance of innovation and security in blockchain technology, as these upgrades help to address the evolving needs of the market and improve overall system efficiency.

Binance has advised all users to complete any necessary transactions in advance, as deposits and withdrawals on the OP network will not be available during the upgrade. Once the network stabilization is confirmed, Binance will automatically resume deposits and withdrawals without requiring additional announcements. Users are also encouraged to stay informed about the progress of the upgrade and refer to the official upgrade announcement from the OP network for the most up-to-date details.

Finally, Binance has issued a reminder for users to be cautious of potential fraud or misinformation related to the upgrade. As with any significant blockchain update, it’s important for users to rely on official communication channels to stay informed and avoid falling victim to scams or false information during the upgrade period.