Binance to Support Optimism (OP) Network Upgrade and Hard Fork

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.

Image
source:
Shutterstock