Binance, one of the world's leading cryptocurrency exchanges, has announced its support for Optimism's (OP) upcoming network upgrade.
Binance Will Support Optimism's (OP) Network Upgrade
The network upgrade is scheduled to take place on July 12, 2023 at 11:00 PM. During this time, deposits and withdrawals of the OP token will be temporarily suspended from 10 PM.
The network upgrade aims to increase the functionality and performance of the Optimism network. While the upgrade is in progress, OP trading on Binance will not be affected, allowing users to continue trading tokens without interruption.
Binance has assured its users that it will meet all technical requirements regarding network upgrade for users holding OPs in their Binance account.
Once the upgraded network is deemed stable, Binance will reopen deposits and withdrawals for the OP.
The exchange also indicated its commitment to providing a seamless trading experience, noting that there will be no additional announcements to notify users of the reopening.
Optimism is a leading layer 2 scaling solution for the Ethereum blockchain. It aims to address the scalability challenges faced by Ethereum using a technology known as Optimistic Rollups.
This technology enables faster and more cost-effective transactions, making it an attractive solution for developers and users of decentralized applications (dApps) on the Ethereum network.
By supporting the Optimism network upgrade, Binance demonstrates its commitment to being at the forefront of technological advancements in the crypto industry.
The exchange's technical expertise and infrastructure allows it to provide a smooth transition for users during network upgrades and ensure the security and stability of user assets.
*Not investment advice.