Upbit will suspend NEAR Protocol deposits and withdrawals starting August 26, 2024, at 12:00 KST due to a scheduled network upgrade; trading will continue unaffected.
This suspension underscores the importance of asset security during upgrades, with historical precedence showing minimal long-term impact when such upgrades proceed smoothly on centralized exchanges.
Upbit announced a temporary suspension of NEAR Protocol transactions due to a scheduled network upgrade. The suspension begins on August 26, 2024, at 12:00 KST. NEAR trading will remain active during this period.
Upbit and NEAR Protocol are key parties involved. While asset safety is ensured, the suspension affects only NEAR deposits and withdrawals. This is a precautionary measure for network stability during the upgrade. According to Upbit, “Upbit, due to the scheduled NEAR Protocol upgrade, will suspend NEAR deposits/withdrawals at 12:00 KST on August 26, 2024. Services resume after network stability is confirmed.” You can view the official announcement here.
Minimal Market Disruption Expected during Upgrade
The suspension may lead to a temporary decline in NEAR transaction volumes on Upbit. However, NEAR trading remains unaffected. Industry reactions suggest minimal market disruption if the upgrade proceeds without incident.
Financial implications are expected to be negligible, as indicated by historical trends in similar network upgrades. The security-focused precaution underscores safe asset management during technical changes, with NEAR trading unaffected on the platform.
Exchange Actions Similar to Ethereum Hardfork
This event mirrors past exchange actions like the Ethereum London hardfork. Such suspensions typically cause temporary wallet inactivity without major long-term impact when upgrades complete smoothly.
Experts from Kanalcoin believe that these upgrades reinforce security and are part of routine tech enhancements. Historical patterns show that careful asset handling minimizes risk during such upgrades, as seen in previous upgrades.
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