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Binance to support Optimism’s network upgrade

  • Optimism (OP) surged after Binance announced upgrade and hard fork support

Optimism (OP) price rose by more than 5% on Dec. 27, breaking to intraday highs of $1.89.

The gains for the native token of the layer-2 blockchain network came as the community reacted to positive news. Earlier in the day, Binance, the world’s largest crypto exchange by volume, announced it would be supporting the upcoming network upgrade and hard fork of Optimism.

Optimism’s network ugrade and hard fork takes place on January 9, 2025 at 18:00 UTC.

“Starting at approximately 2025-01-09 17:00 (UTC), Binance will suspend the deposits and withdrawals of token(s) on the Optimism (OP) network to support its network upgrade and hard fork to ensure the best user experience,” Binance wrote in an announcement.

OP protocol upgrade

Optimism’s network upgrade is a major milestone for the project as it targets key improvements across user experience, scalability and performance. The project said in an announcement that the protocol upgrade will drive interoperability and innovation in the OP ecosystem.

Binance’s notice of support boosts the overall sentiment around Optimism. According to the exchange, users should note that despite the changes and halting of deposits and withdrawals, OP trading on the network will remain unaffected.

As Binance notes, the exchange will handle all technical requirements for the hard fork for its users. The platform also plans to reopen deposits and withdrawals as soon as the network becomes stable.

OP price reached its all-time high of $4.84 in March 2024, which means the current value is about 61% off that peak.However, upside momentum has seen OP token’s value jump 15% in the past week.

The post Binance to support Optimism’s network upgrade appeared first on CoinJournal.

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Bitget announces 40% BGB burn, token buyback

  • Bitget has outlined a new token buyback plan in its just released whitepaper.
  • The exchange will burn 40% of its native token BGB.
  • Future burns include 20% of exchange profits – which will be used to buy BGB off the market.

Bitget has announced plans to burn 800 million BGB tokens valued at $6.8 billion.

The exchange in its newly released whitepaper, indicates an initial token burn of 40% of its total supply. Per the details, this will be about 800 million BGB, with completion seeing the exchanges’ native token’s circulating supply drop to 1.2 billion.

Quaterly burn and BGB buyback

From early 2025, the whitepaper release indicates that Bitget will introduce quarterly burns for BGB tokens.

It will also initiate quarterly burns of 20% profits from Bitget exchange operations and Bitget crypto wallet. The funds raised through the operations will be used to buy back and burn BGB.

Recently on Dec. 26, Bitget announced a merger between Bitget Token (BGB) and Bitget Wallet Token (BWB). Following the merger, the duo will serve as a unified token. BGB becomes the new unified token for both Bitget’s centralized and decentralized ecosystem.

Key benefits

Some of the benefits BGB offers to its holders include VIP privileges, fee discount and access to token farming via Launchpool.

Bitget assured its clients that the Bitget Token and Bitget Wallet Token merger will not affect BGB token supply, with the exchange rate ranging between 11.6 BWB to BGB. Amid the news, BGB’s price rallied a notable 22% to lead top altcoin gainers in the past 24 hours.

The post Bitget announces 40% BGB burn, token buyback appeared first on CoinJournal.