Binance, one of the world’s biggest crypto exchanges, has announced on July 5 that it will support the upcoming Ontology 2.0 network upgrade. Ontology 2.0 will include the integration of a number of community-led upgrades to its MainNet.
Binance says that it will end support of Neo Enhancement Protocol 5-based, or NEP5, ONT tokens deposits. Any future deposits of NEP5 ONT will not be credited to users' Binance account, it indicates.
Deposits and withdrawals of ONT will be stopped starting July 6 at 9 a.m. UTC. Users will be notified when the Ontology upgraded network becomes stable and deposits and withdrawals are reopened, says Binance.
Key notes about the Ontology 2.0 upgrades of Binance :
1. The Ontology network upgrade will not result in a new token creation and ONG staking rewards for ONT will not be affected.
2. NEP5-based ONT tokens will no longer be supported on Binance. Any future deposits of NEP5 ONT will not be credited to your account
3. Ontology uses a dual token (ONT and ONG) model. ONT is the coin and can be used for staking in consensus, whereas ONG is the utility token used for on-chain services. MainNet ONT started to release ONG as soon as Ontology MainNet went live two years ago.
4. However, The Ontology Foundation's first three-year bonus to the top 49 nodes and the distribution method remains unchanged.
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Binance is one of the famous and highly used cryptocurrency exchange by the people around the globe for crypto trading.
The trading volume of Binance increases each second and it rates to huge ROI each day.The recent news says,“Binance's futures trading volume grew 68% in Q2 compared to Q1”Crypto exchange Binance's futures trading volume increased 68% in Q2 this year compared to Q1, according to The Block Research.In dollar terms, the volume stood at $263 billion in Q2 versus $157 billion in Q1.
Binance launched its futures trading platform in September 2019.The exchange's spot trading volume, on the other hand, declined by around 4% in Q2 to $146.3 billion as compared to $152.7 billion in Q1 — yet, Q2 is Binance's fourth-best quarter since its launch.Also, Binance today completed the twelfth quarterly burn of its native token Binance Coin (BNB ) — its largest-ever burn.
That removed around $60.50 million worth of BNB from circulation.
Binance burns BNB every quarter based on its overall trading volume.The exchange started burning BNB in Q3 of 2017.
At the time, it used to burn the token based on profits.
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