Binance Supports New Ontology 2.0 Upgrades

The major cryptocurrency exchange Binance supports new Ontology 2.0 upgrades, as the most recent crypto news from their headquarters show. However, while Binance will support these upgrades, they said that they will not further allow NEP5-based ONT deposits.

Known as one of the world’s biggest crypto exchanges, the exchange has announced on July 5 that it will support the upcoming Ontology 2.0 network upgrade. For those of you who don’t know or haven’t read the Binance news, Ontology 2.0 will include the integration of a number of community-led upgrades to its mainnet.

Binance also said that it will end support of NEO Enhancement Protocol 5-based (or NEP5) and ONT tokens deposits. Therefore, any future NEP5 ONT will not be credited to the Binance accounts of their users, as the exchange indicated.

In this manner, Binance supports Ontology 2.0 as a new upgrade but it will stop deposits and withdrawals of ONT starting July 6 at 9 a.m. UTC. Users will be further notified when the Ontology upgraded network becomes stable and is able to support deposits and withdrawals fully.

If you are asking what would change as Binance supports Ontology, the exchange clarified that the Ontology network upgrade will not result in a new token creation and the ONG staking rewards for ONT will not be affected.

Also, Ontology uses a dual token (ONT and ONG) model, where ONT is the coin and can be used for staking in consensus, while ONG is the utility token used for on-chain services. The mainnet ONT started to release ONG as soon as the Ontology mainnet went live two years ago.

As Ontology noted, from 9 to 12 June 2020, it will give its community an opportunity to have a say in the development of its governance and staking economic model, especially for the Triones node results. Still, the Ontology Foundation and its first three-year bonus to the top 49 nodes and its distribution method will remain unchanged.
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Previously in the news, we reported that Binance recently issued the ONT-33D, a token which is backed 1:1 with ONT coins and hosted on the blockchain of the exchange. This token is meant to grow in popularity and will probably be accepted by many other exchanges.