Binance to support Optimism network upgrade

Optimism (OP) increased after Binance announced updates and hard fork support.

Optimum (OP) prices rose more than 5 percent on December 27, rising to a daily high of $1.89.

The native token of the Layer-2 blockchain network is the profit generated when the community reacts to positive news. Earlier, the world's largest crypto exchange by volume Binance announced its upcoming network upgrade and support for the Optimism hard fork.

Binance supports OP (OP) network upgrade and hard fork

— Binance (@binance) December 27, 2024

The Optimum Network Upgrade and Hard Fork will take place on January 9, 2025 at 18:00 UTC.

“Around 2025-01-09 17:00 (UTC), Binance will stop depositing and withdrawing token(s) on the Optimism (OP) network to support the fork to ensure network upgrades and the best user experience. “Binance wrote in the announcement.

Improving the OP protocol

Optimum's network upgrade is a major milestone for the project as it targets key improvements in user experience, scalability and performance. The protocol update will encourage collaboration and innovation within the OP ecosystem, the project said in an announcement.

Binance's note of support boosts the overall sentiment around Optimism. According to the dynamic exchange, users should note that despite the changes and stops of deposits and withdrawals, the OP's business on the network will remain intact.

As Binance notes, the exchange will handle all the technical requirements of the hard fork for its users. The platform plans to reopen deposits and withdrawals once the network is stable.

The price of OP reached an all-time high of $4.84 in March 2024, which means that the current price is about 61% off its peak.