Binance Supports Ontology Upgrade, Stops Deposit of NEP5 ONT Tokens

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. Ontology 2.0 will include the integration of a number of community-led upgrades to its MainNet.

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, it indicates.

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 stable and deposits and withdrawals are reopened, says Binance.

Things remain unchanged

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.

According to Ontology, from 9 to 12th June 2020, it will give its community the opportunity to have a say in the development of its governance and staking economic model, especially for the Triones node results.

However, The Ontology Foundation's first three-year bonus to the top 49 nodes and the distribution method remains unchanged.

As Cointelegraph reported previously, Binance recently issued ONT-33D, a token backed 1:1 with ONT coins and hosted on the exchange's blockchain.