Lido DAO

Sonic

Optimism

Fantom (Migrated to Sonic)

Binance support for Optimism network upgrade aims to improve performance and user experience.
On Jan. 10, 2025, at 2:00 (UTC+8), <a href="https://crypto.news/binance-endorses-thai-ex-pms-proposal-for-a-pilot-bitcoin-project/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> <a href="https://www.binance.com/zh-CN/support/announcement/%E5%85%B3%E4%BA%8E%E6%94%AF%E6%8C%81optimism-op-%E7%BD%91%E7%BB%9C%E5%8D%87%E7%BA%A7%E5%8F%8A%E7%A1%AC%E5%88%86%E5%8F%89%E7%9A%84%E5%85%AC%E5%91%8A-86a978bb2ea64b6b8b44f41ecc6fb21b" target="_blank" rel="noopener noreferrer nofollow">announced</a> its support for the Optimism (<a href="https://crypto.news/price/optimism/" target="_blank" rel="noopener noreferrer nofollow">OP</a>) 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 <a href="https://crypto.news/binance-to-support-cardanos-chang-hard-fork/" target="_blank" rel="noopener noreferrer nofollow">hard fork</a>. 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 <a href="https://crypto.news/the-reality-of-eth-staking-ethereum-proof-of-stake-is-a-regressive-capital-tax/" target="_blank" rel="noopener noreferrer nofollow">proof-of-stake</a> 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 (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>) supply.
These enhancements highlight the importance of continuous innovation and security in blockchain networks.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/binance-announces-fantom-to-sonic-token-swap-and-rebranding-timeline/"> Binance announces Fantom to Sonic token swap and rebranding timeline </a>
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 needed.
Users are also encouraged by <a href="https://crypto.news/binance-introduces-usual-as-a-new-flexible-lending-asset/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> to keep up with the upgrade and make sure to read the <a href="https://gov.optimism.io/t/upgrade-proposal-11-holocene-network-upgrade/9313" target="_blank" rel="noopener noreferrer nofollow">official upgrade announcement</a> by the OP network as well. for the most up-to-date information. Users are also cautioned to be on the lookout for any fraud or false information related to the upgrade.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/grayscale-launches-lido-dao-and-optimism-trust/"> Grayscale launches Lido DAO and Optimism Trust </a>

Binance to support Optimism network upgrade and hard fork

crypto.news

Other articles published on Dec 27, 2024

SuperEx丨Only 4 days left until 2025: Gains and Losses in the 2024 Cryptocurrency Market

TON Ecosystem Expands with Stablecoins, DEX Growth in 2024

Bitget announces token merger, BGB price increases amid market-wide declines

Africa loses $1.6bn daily to illegal cross-border financial flows – AfDB

Top Coins To Join for Short Term: 6 Coins To Watch for Life-Changing ROI in 2025

Bonk Price Drops 7% Even After The BURNmas Removes $51 Million Worth Of Tokens From Circulation

Join our free newsletter for daily crypto updates!