Binance has announced that it will support a major upgrade and hard fork of the Ontology (ONT) network.
Binance Announces Support for Ontology (ONT) Network Upgrade and Hard Fork
According to the statement made by the exchange, deposits and withdrawals of all tokens on the Ontology network will be temporarily suspended as of 10:00 on December 1, 2025.
It was stated that this step was taken to ensure the smooth implementation of technical updates on the network and to protect the user experience in the best possible way.
The Ontology network upgrade and hard fork is also scheduled for December 1, 2025. The Ontology blockchain is known for its dual-token structure: Ontology (ONT) is a governance-focused token, while Ontology Gas (ONG) is used to pay transaction fees on the network.
With the new update, the Ontology Gas (ONG) supply will undergo a significant change. The current maximum and total supply of 1 billion will be reduced to 800 million. As a result, 200 million ONG tokens will be permanently burned.
However, the circulating supply of ONG will reportedly not change immediately following the upgrade. However, due to Ontology’s permanent locking mechanism, the circulating supply may decline to approximately 750 million units in the future.
Binance stated that deposits and withdrawals for ONT and ONG will be reopened once the network upgrade is complete. It emphasized that users’ spot transactions will not be affected by the upgrade.
*This is not investment advice.