Binance, the world’s leading crypto exchange has announced that it will support the upcoming Ontology network upgrade. According to the July 5 announcement, Binance said it will support the upcoming Ontology 2.0 upgrade, and that deposits and withdrawals of ONT will be suspended starting from July 6, at 9:00 A.M. UTC.
Meanwhile, the announcement noted that the trading of ONT will not be affected during the upgrade. Users are entreated to leave sufficient time for deposits of ONT to be processed in full, prior to the aforementioned cut off time. Binance claims it will handle will technical requirements involved for all Binance users holding ONT in their accounts.
According to the announcement, the network upgrade will not result in the creation of a new token. ONG staking rewards for ONT will also not be affected. However, NEP5-based ONT tokens will no longer be supported on the exchange, and that, any future deposits of such tokens will not be credited to users’ accounts. Binance said it will reopen deposits and withdrawals for ONT once the exchange deem the upgraded network to be stable.
The Ontology network uses a dual token model – ONT and ONG. ONT is the network’s coin and can be used for staking in consensus, whereas ONG serves as the utility token used for on-chain services. The Binance exchange had reportedly issued ONT-33D, a token backed 1:1 with ONT coins and hosted on the exchange’s blockchain.
According to the Ontology Foundation, starting from June 9 to June 12, 2020, it is giving its community the opportunity to participate in the development of its governance and staking economic model, especially for the Triones node results. However, the foundation’s first 3-year bonus to the top 49 nodes and the distribution method remains unchanged.