- Binance is supporting the upcoming Ontology 2.0 network upgrade planned for Tuesday of this week.
- The top crypto exchange stopped the deposits and withdrawals of ONT tokens on Monday, 9 AM GMT.
- The ONT trading competition also came to a close with over $50,000 worth of ONT distributed.
In a press release on July 6, the Binance media team announced its support for the upcoming Ontology (ONT) major network upgrade slated for July 7, 2020. As such, deposits and withdrawals of ONT tokens on the exchange has been disabled from 9 AM GMT till the network upgrade is complete. The official statement reads:
“Binance will support the upcoming Ontology network upgrade. Deposits and withdrawals of ONT will be suspended starting from 2020/07/06 9:00 AM (UTC). Please note that the trading of ONT will not be affected during the upgrade.”
Ontology 2.0 upgrade will integrate new governance and staking protocol updates and further “lower the requirements for users to participate in Ontology governance.” The upgrade is expected to encourage several of its users to participate in staking and governance on the Ontology blockchain.
Users are not obligated to do anything during the upgrade with Binance handling the technical updates needed. Moreover, staking proceeds on the Ontology network, ONG rewards, will be active during the Ontology 2.0 network upgrade.
The Ontology network employs a dual system token using its native token – ONT – and Ontology Gas (ONG). ONT is a coin that can be used for staking in consensus, whereas ONG is a utility token used for on-chain services. ONT releases ONG periodically.
Binance also announced the completion of the ONT trading activity competition with over $50,000 worth of ONT rewards successfully deposited to winners accounts. Winners are alerted through email, and the records can be checked on the distribution page.
Developments on Ontology
Ontology’s partnership with Binance is stronger than ever with the exchange recently listing an ONT-backed token, ONT-33D, on Binance Chain. The token, which started trading on Binance’s decentralized exchange platform in April, is backed on a 1:1 ratio to ONT.
Ontology also announced a partnership with a decentralized oracle platform, Chainlink, at the end of June in a bid to boost the overall DApp development on the blockchain using data oracles from the former.