Binance support for the Optimism network upgrade aims to improve performance and user experience.
On January 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 suspend token deposits and withdrawals on the OP network starting at 1:00 a.m. (UTC+8) on the same day.
The OP Network upgrade is intended to improve user experience, scalability and overall network performance. Binance has assured users that trading of OP Network-supported tokens will remain unaffected during this period.
A major update or change to a blockchain network’s protocol that is incompatible with previous versions is called a hard fork. This means that all network participants must update their software to the latest version in order to continue participating in network activities. Hard forks often fix security vulnerabilities, introduce new features, or increase the scalability and efficiency of the network.
Hard forks have historically played a crucial role in the development of blockchain technology. For example, “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 (taken out of circulation). will ) and an optional priority fee (tip) for faster transactions. This improved the predictability of gas fees and added a deflationary element to Ethereum (ETH) supply.
These improvements underscore the importance of continued innovation and security in blockchain networks.