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.

Binance support for Optimism network upgrade aims to improve performance, user experience

On Jan. 10, 2025, at 2:00 (UTC+8), Binance announced its support for the Optimism (OP) network upgrade and hard fork. In preparation for the upgrade, Binance will temporarily halt token deposits and withdrawals on the OP network, commencing at 1:00 (UTC+8) on the same day.

The OP network upgrade is set to enhance the network's user experience, scalability, and overall performance. During this time, Binance has assured users that the trading of tokens supported by the OP network will remain unaffected.

A major update or modification to a blockchain network's protocol that is incompatible with earlier versions is termed a hard fork. This essentially means that all network participants must update their software to the latest version in order to continue engaging in network activities. Typically, hard forks are employed to resolve security vulnerabilities, introduce new features, or enhance the network's scalability and efficiency.

Throughout the history of blockchain technology, hard forks have served as crucial points of evolution. For example, 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update introduced EIP-1559, which replaced the traditional auction-based fee model with a base fee that is burned (withdrawn from circulation) and an optional priority fee (tip) for faster transactions, thus improving gas fee predictability and adding a deflationary aspect to Ethereum's (ETH) supply.

These advancements underscore the critical nature of continuous innovation and security in blockchain networks.

It is important for users to note that deposits and withdrawals on the OP network will be paused from 1:00 (UTC+8) on Jan. 10, 2025. To avoid any potential inconvenience, users are advised to complete any necessary transactions in advance. Binance will handle all technical aspects of the upgrade, ensuring a seamless experience for users. Deposits and withdrawals will automatically resume once the network has stabilized, without the need for further announcements.

Binance also encourages users to follow the upgrade and read the official upgrade announcement from the OP network as well for the most up-to-date information. Additionally, users are cautioned to be wary of any scams or false information regarding the upgrade.