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OKX has announced its support for the upcoming Mina (MINA) network’s mainnet upgrade and hard fork, scheduled to take place on June 4, 2024, at approximately 9:00 am UTC, according to OKX.
Details of the Upgrade
To ensure a smooth transition during the upgrade, OKX will temporarily suspend deposits and withdrawals of Mina (MINA) tokens and tokens belonging to the Mina network starting at 8:00 am UTC on the same day. The suspension will remain in effect until the network is deemed stable post-upgrade. It is important for users to refrain from making any new deposits or withdrawals during this period to ensure the safety of their funds.
Impact on Trading
OKX has assured its users that trading activities for Mina (MINA) tokens, including spot, margin, and derivatives trading, will not be affected by the network upgrade. However, traders are advised to be mindful of the associated risks and consider increasing their margin to lower potential risks.
Technical Handling
Users holding Mina (MINA) tokens or tokens related to the Mina network in their OKX accounts do not need to take any action. OKX will handle all technical requirements associated with the upgrade, ensuring a seamless experience for its users.
Background on Mina
Mina is known for its lightweight blockchain, designed to maintain a constant size of around 22 kilobytes, regardless of the number of transactions. This unique feature aims to ensure decentralized scalability and accessibility, making it one of the most efficient blockchains in the industry.
The upcoming upgrade is expected to enhance the network’s performance and security, aligning with Mina’s mission to create a more efficient and decentralized blockchain ecosystem.
Image source: Shutterstock
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