To ensure the smooth execution of the upcoming Flow network upgrade, OKX will temporarily suspend deposits and withdrawals for FLOW tokens and other related tokens on the Flow network. The suspension will begin at 7:00 PM UTC+8 on September 4, 2024. Please note that trading of FLOW tokens will not be affected during this period.
Once the upgrade is completed and the network is operating stably, deposit and withdrawal services for FLOW and related tokens will resume. No further announcement will be made at that time.
Understanding the Flow Network Upgrade
Network upgrades are essential for improving blockchain performance, security, and functionality. They often involve significant changes to the protocol that require temporary suspension of certain services to prevent technical issues or user losses.
In this case, the upgrade aims to enhance the overall efficiency and capabilities of the Flow blockchain. Users are advised to complete any urgent deposit or withdrawal transactions before the specified suspension time.
What Users Need to Know
If you are an OKX user holding FLOW or other tokens on the Flow network, here’s what you should keep in mind:
- Trading Not Impacted: Buying and selling FLOW tokens on OKX will remain available throughout the upgrade process.
- No Action Required for Existing Holdings: Your assets are safe and do not need to be moved.
- Plan Ahead: To avoid inconvenience, complete your deposits and withdrawals before the suspension time.
For those looking to stay updated on real-time status changes, consider using a reliable platform that offers live network updates 👉 Check current network status.
Why Exchanges Suspend Services During Upgrades
Blockchain upgrades require coordination across nodes, validators, and service providers like exchanges. Suspending deposits and withdrawals helps ensure that:
- Transactions are not lost or stuck mid-process.
- The network upgrade can proceed without conflicts.
- User funds remain secure throughout the transition.
This is a standard practice followed by major exchanges to prioritize safety and operational integrity.
After the Upgrade: What to Expect
Once the Flow network upgrade is complete and deemed stable, OKX will reopen deposit and withdrawal services. Users can then resume moving their tokens as usual.
It is recommended to wait for a brief period after services resume to ensure everything is functioning smoothly before initiating large transactions.
Frequently Asked Questions
Q: Will I be able to trade FLOW on OKX during the suspension?
A: Yes, trading will not be affected. Only deposits and withdrawals are temporarily suspended.
Q: How long will the suspension last?
A: The duration depends on the completion and stability of the network upgrade. OKX will resume services once the network is stable.
Q: Is there any risk to my funds during the upgrade?
A: No, your funds remain secure. The suspension is a preventive measure to avoid transaction-related issues.
Q: Do I need to move my tokens before the upgrade?
A: No, this is not necessary. Your assets are safe in your OKX account.
Q: How will I know when services resume?
A: OKX will not issue another announcement. You can check the status directly on the platform or monitor network stability yourself.
Q: Can I still withdraw FLOW to an external wallet after the suspension begins?
A: No, you must complete all withdrawals before the suspension time to avoid interruptions.
Staying informed about scheduled maintenance and upgrades helps you manage your crypto activities efficiently. For further details and real-time monitoring, you can 👉 access live upgrade status here.