South Korean cryptocurrency exchange Upbit has announced a temporary suspension of INJ token deposits and withdrawals to support a critical upgrade to the Injective blockchain network. This move ensures security and stability during the transition. Here’s what you need to know.
Why is Upbit Suspending INJ Deposits and Withdrawals?
Upbit’s decision to halt INJ deposits and withdrawals is a standard protocol to ensure network security during the Injective Network upgrade. The suspension begins on July 31 at 10:00 UTC and will remain in effect until the upgrade is complete. Trading of INJ tokens will continue uninterrupted.
Key Benefits of the Injective Network Upgrade
- Faster transaction finality
- Improved throughput
- Advanced cryptographic protections
- New tools for developers
What INJ Holders Need to Do
If your INJ tokens are already stored in Upbit wallets, no action is required. However, users planning to transfer INJ to or from external wallets must complete transactions before the July 31 deadline. Upbit will resume services once the upgrade is finalized and the blockchain is stable.
The Bigger Picture: Injective Network’s Future
This upgrade underscores Injective’s commitment to innovation and scalability in the DeFi space. By addressing vulnerabilities and optimizing code, Injective aims to solidify its position as a leading infrastructure for decentralized applications.
FAQs
When will Upbit resume INJ deposits and withdrawals?
Upbit will resume services once the Injective Network upgrade is complete and the blockchain is verified as stable. Users should monitor official channels for updates.
Can I still trade INJ on Upbit during the suspension?
Yes, trading of INJ tokens will remain unaffected during the suspension.
What are the benefits of the Injective Network upgrade?
The upgrade enhances performance, scalability, and security, with faster transaction finality and improved throughput.
Do I need to move my INJ tokens before the suspension?
Only if you plan to transfer them to or from external wallets. Tokens already in Upbit wallets require no action.
