
Attention cryptocurrency users! South Korean crypto exchange Upbit has issued an important announcement that directly impacts holders and traders of Polygon (POL) and STEPN (GMT). If you use Upbit to manage these assets, there’s a critical update you need to know about, related to an upcoming Polygon hard fork.
Why is Upbit Suspending POL and GMT Services?
According to an official notice on the Upbit website, the exchange will be temporarily halting specific services for POL, GMT, and Polygon-based NFTs. This action is being taken to fully support and ensure a smooth transition during the upcoming Polygon network hard fork.
Think of a blockchain hard fork like a significant software upgrade for the network. It often involves changes to the protocol rules that are not backward-compatible. For the upgrade to proceed safely and effectively, exchanges and other service providers connected to the network need to pause transactions to prevent potential issues like transaction errors, double-spending, or discrepancies in user balances during the transition period.
Upbit’s decision is a standard procedure followed by reputable crypto exchange platforms when a network undergoes a major upgrade like a hard fork. It prioritizes the safety and integrity of user assets.
What Exactly is Being Suspended and When?
Here are the key details from Upbit’s announcement:
- Affected Assets: Polygon (POL), STEPN (GMT), and any NFTs specifically based on the Polygon network.
- Affected Services: Deposits and withdrawals of these assets.
- Start Time of Suspension: July 1, 2024, at 06:00 UTC.
- Duration: The announcement states the suspension is temporary. Upbit will resume services once they confirm the Polygon hard fork is complete and the network is stable and secure. They will likely issue a follow-up announcement when services are restored.
It’s crucial to note that trading of POL and GMT on Upbit is typically unaffected by deposit/withdrawal suspensions unless explicitly stated otherwise. However, users should always check the official Upbit notice for the most precise details.
Understanding the Polygon Hard Fork
The reason behind Upbit’s action is the planned Polygon hard fork. Polygon (formerly Matic Network) is a popular scaling solution for Ethereum, aiming to provide faster and cheaper transactions. Hard forks are necessary events in the life cycle of many blockchains, introducing new features, improving performance, fixing bugs, or implementing protocol changes agreed upon by the network’s participants.
While the specific details of this particular Polygon hard fork weren’t elaborated upon in the brief Upbit announcement, such upgrades are generally intended to make the network more efficient, secure, or functional. Supporting the hard fork is vital for exchanges to remain compatible with the upgraded network and ensure continued support for POL and other Polygon-based assets in the future.
Actionable Insights for Upbit Users
If you hold POL, GMT, or Polygon NFTs on Upbit, here’s what you should consider:
- Plan Ahead: If you need to deposit or withdraw POL, GMT, or Polygon NFTs from Upbit, make sure to complete these transactions well before the suspension time on July 1, 06:00 UTC.
- Avoid Transfers During Suspension: Do not attempt to send or receive these assets to or from Upbit during the suspension period. Such transactions could be lost or delayed indefinitely until services resume.
- Monitor Upbit Announcements: Keep a close eye on the official Upbit website or announcement channels for updates regarding the exact time the suspension will be lifted.
- Trading Remains Possible: Unless Upbit states otherwise, trading of POL and GMT pairs on the exchange should continue as normal. The suspension only affects moving assets in or out of the exchange wallet.
This temporary halt is a necessary step for the long-term health and functionality of the Polygon network and the safety of funds held on the crypto exchange.
In Summary: A Temporary Pause for a Network Upgrade
Upbit is temporarily suspending deposits and withdrawals for POL, GMT, and Polygon-based NFTs starting July 1 at 06:00 UTC. This is a standard procedure to support the upcoming Polygon hard fork, ensuring the stability and security of user assets during the network upgrade. While this means you won’t be able to move these specific assets in or out of Upbit during the suspension, trading is expected to continue. Users should plan any necessary transfers before the deadline and stay updated via official Upbit channels for the resumption of services. This measure ultimately contributes to the robust operation of both the Polygon network and the crypto exchange platform.
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