Key Points
On January 10, 2025, Binance revealed its backing for the Optimism (OP) network upgrade and hard fork.
This announcement was made at 2:00 (UTC+8).
To ensure a smooth upgrade, Binance will pause token deposits and withdrawals on the OP network.
This pause will start from 1:00 (UTC+8) on the same day.
Understanding the Optimism Upgrade
The OP network upgrade is planned to improve the network’s user experience, scalability, and overall performance.
Binance has reassured users that token trading supported by the OP network will not be affected during the upgrade.
A hard fork refers to a substantial update or modification to a blockchain network’s protocol that doesn’t align with previous versions.
This means that all network participants must update their software to the latest version to continue participating in network activities.
Hard forks often address security issues, introduce new features, or enhance the network’s scalability and efficiency.
Hard forks have been crucial in the evolution of blockchain technology.
For example, the “Merge” transitioned Ethereum to a proof-of-stake consensus mechanism.
The “London” update introduced EIP-1559, which replaced the traditional auction-based fee model with a base fee that is burned and an optional priority fee for quicker transactions.
This added a deflationary element to Ethereum’s (ETH) supply and improved gas fee predictability.
These improvements underscore the importance of ongoing innovation and security in blockchain networks.
Deposits and withdrawals on the OP network will be suspended from 1:00 (UTC+8) on January 10, 2025.
Users are advised to complete necessary transactions beforehand to avoid any inconvenience.
Binance will manage all technical requirements for the upgrade, providing a smooth experience for users.
Deposits and withdrawals will restart automatically once the network has stabilized.
No further announcements will be necessary.
Binance encourages users to stay informed about the upgrade.
Users are recommended to read the official upgrade announcement by the OP network for the latest information.
Users are also warned to be vigilant for any fraudulent or false information related to the upgrade.