Optimism (OP) soars after Binance announces upgrade and hard fork support
Optimism (OP) price rose more than 5% on December 27, topping an intraday high of $1.89.
The gains for the layer-2 blockchain network’s native token were driven by the community’s reaction to positive news. Earlier in the day, Binance, the world's largest cryptocurrency exchange by trading volume, announced that it will support an upcoming network upgrade and Optimism hard fork.
Binance supports Optimism (OP) network upgrades and hard forks
👉https://t.co/LtO3AKJmZm— Binance (@binance) December 27, 2024
Optimism's network upgrade and hard fork will take place on January 9, 2025 at 18:00 UTC.
“From around 2025-01-09 17:00 (UTC), Binance will suspend token deposits and withdrawals on the Optimism (OP) network to support network upgrades and hard forks and ensure the best user experience. ” Binance wrote in a statement.
OP protocol upgrade
Optimism's network upgrade is a major milestone for the project, as it targets significant improvements across user experience, scalability, and performance. The project said in an announcement that the protocol upgrade will foster interoperability and innovation in the OP ecosystem.
Binance’s support notification increased overall sentiment around optimism. According to the exchange, users should note that despite the change or suspension of deposits and withdrawals, OP transactions on the network will not be affected.
As Binance points out, the exchange will handle all technical requirements regarding the hard fork for its users. The platform also plans to resume deposits and withdrawals once the network stabilizes.
OP price reached an all-time high of $4.84 in March 2024. This means the current value is about 61% away from its peak. However, the upward momentum has seen the value of OP token increase by 15% in the past week.
