Cryptocurrency exchange OKX announced that it will discontinue USDC deposit and withdrawal services on its Optimism network. This change will go into effect at 05:00 on August 5, 2024, as part of the platform’s efforts to improve the overall user experience.

OKX to Stop USDC Deposits and Withdrawals on Optimism Network

Despite this suspension, users will be able to deposit and withdraw USDC tokens without interruption on all other supported networks. OKX assured users that these services will continue to operate normally during the transition period.

The exchange advises users to plan accordingly for this change and make necessary adjustments to their transactions involving the Optimism (Bridged) network before the deadline.

What is Optimism?

Optimism (OP) is one of the leading Ethereum (ETH) Layer-2 scalability solutions. Layer-2 refers to a secondary protocol built on top of an existing blockchain.

A Layer-2 solution built on Ethereum, like Optimism, aims to offer faster transaction speeds and scalability while benefiting from the security of the ETH mainchain.

*This is not investment advice.