OKX to Temporarily Halt Operations to Prep for Shanghai Update
OKX, one of the world’s largest cryptocurrency exchanges, has announced its support for upcoming ETH Shanghai update. In a recent announcement, OKX revealed that it would temporarily halt withdrawals and deposits of ETH, ARB, OP, and ERC-20 network tokens. It also includes tokens linked to the Arbitrum, Optimism, and zkSync networks.
🚨 #OKX users! 🚨
Ethereum's Shapella upgrade is coming soon. Deposits & withdrawals of ETH, OP, ARB, and ERC-20 tokens will be temporarily suspended for 1 hour on Apr 12, 2023 at 9:30 pm (UTC), until the upgrade is completed.
Stay tuned for updates. 👇
— OKX (@okx) April 11, 2023
OKX Enhances Security and Reliability of Ethereum Network
The reason for the temporary ban is to prepare for the Shapella update. It is scheduled to take place on the Ethereum network at period 194,048 on 12th of April, 2023 at 10:27 pm (UTC). This major update will enhance the infrastructure of the Ethereum network. It will make it more efficient, secure, and user-friendly.
During the upgrade process, OKX will suspend its platform to ensure the reliability of the infrastructure and protect the assets of its users. However, trading of the aforementioned tokens will continue without interruption.
Following the update, OKX will raise the required number of confirmations for deposits into the Ethereum platform from the existing 12 blocks to a minimum of 64 blocks. This will further enhance the security and reliability of the Ethereum network.
ETH Shanghai Update to Address Scalability and Gas Fees on Ethereum Network
The ETH Shanghai update is a crucial development for the Ethereum network. It will address several long-standing issues including scalability and gas fees. By supporting this update, OKX is playing a vital role in facilitating the growth and development of the Ethereum network and the broader cryptocurrency market. This move is particularly noteworthy as OKX is one of the most respected and reputable cryptocurrency exchanges globally. Its support will likely encourage other exchanges to follow suit. As more exchanges embrace upgrades like the ETH Shanghai update, the overall reliability and efficiency of the cryptocurrency market will increase. This will lead to increased adoption and usage of cryptocurrencies.
OKX’s support for the ETH Shanghai update is a positive development for the cryptocurrency market as a whole. The upgrade will make the Ethereum network more efficient and user-friendly. It will attract more users and increase the adoption of cryptocurrencies.
The OKX’s decision to support the ETH Shanghai update and temporarily halt withdrawals and deposits of certain tokens demonstrates the exchange’s commitment to providing a secure and reliable platform for its users. The upgrade will bring significant benefits to the Ethereum network. This will ultimately benefit the entire cryptocurrency ecosystem.
