The post Binance to support Optimism network upgrade and hard fork appeared on BitcoinEthereumNews.com.

Binance support for Optimism network upgrade aims to improve performance and user experience. On Jan. 10, 2025, at 2:00 (UTC+8), Binance announced its support for the Optimism (OP) network upgrade and hard fork. To facilitate the upgrade, Binance will temporarily halt token deposits and withdrawals on the OP network starting from 1:00 (UTC+8) on the same day. The OP network upgrade is designed to enhance the network’s user experience, scalability, and overall performance. Binance has assured users that the trading of tokens supported by the OP network will remain unaffected during this period. A major update or modification to a blockchain network’s protocol that is incompatible with earlier versions is known as a hard fork. This implies that all network participants must update their software to the most recent version to continue engaging in network activities. Hard forks often resolve security vulnerabilities, introduce new features, or boost the network’s scalability and efficiency. Hard forks have historically played a pivotal role in the development of blockchain technology. For instance, the “Merge” 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 base fee that is burned (removed from circulation) and an optional priority fee (tip) for faster transactions. This improved gas fee predictability and added a deflationary element to Ethereum’s (ETH) supply. These enhancements highlight the importance of continuous innovation and security in blockchain networks. Users should note that deposits and withdrawals on the OP network will be paused from 1:00 (UTC+8) on Jan. 10, 2025. To avoid any inconvenience, users are advised to complete necessary transactions in advance. Binance will handle all technical requirements for the upgrade, ensuring a seamless experience for users. Deposits and withdrawals will resume automatically once the network has stabilized, with no further announcements…

---

Filed under: News - @ December 27, 2024 8:20 am