Upbit has announced a temporary suspension of NEAR Protocol operations due to a scheduled network upgrade starting August 26, 2024.
Reasons for Suspension
Upbit will suspend NEAR Protocol deposits and withdrawals starting August 26, 2024, at 12:00 KST. NEAR trading will remain active. This decision is aimed at ensuring asset safety during the network upgrade. Upbit representatives mentioned: "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."
Minimal Market Disruption Expected
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.
Comparison with Historical Upgrades
This event mirrors actions taken during other network upgrades, such as the Ethereum hardfork. Such suspensions typically cause temporary wallet inactivity without major long-term impact when upgrades complete smoothly. Experts believe that these upgrades reinforce security and are part of routine tech enhancements.
The temporary suspension of NEAR Protocol operations on Upbit highlights the importance of asset security during network upgrades and is not expected to lead to significant market disruptions.
