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Binance Supports Ontology Upgrade, Ends Support of Deposit o...
NEWS

Binance Supports Ontology Upgrade, Ends Support of Deposit of NEP5 ONT Tokens

Binance to support Ontology 2.0 upgrades and says it will not further allow NEP5-based ONT deposits. 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.”

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.

Binance added that, 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 stableand deposits and withdrawals are reopened.

The Ontology network upgrade will not result in a new token creation and ONG staking rewards for ONT will not be affected.

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.

 

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