The Bitcoin network is preparing for a significant upgrade known as the “Jubilee Upgrade,” and crypto exchanges KuCoin and OKX have declared their support for this upgrade. As part of the preparations, UniSat, one of the prominent marketplaces for BRC-20 tokens (tokens issued using the Ordinals protocol on the Bitcoin network), has announced a temporary suspension of deposits and withdrawals for ORDI, SATS, and all other BRC-20 tokens.

The Jubilee network upgrade aims to modify the validity of certain inscription types, particularly impacting BRC-20 logic. BRC-20 is a token standard introduced on the Bitcoin network last April, allowing users to issue transferable tokens in the form of inscriptions on small denominations of BTC, known as satoshis or sats. These tokens operate on the Ordinals protocol.

The upgrade addresses issues related to the tracking of inscriptions by different versions of Ordinals, resulting in inconsistent balances and other unpredictabilities for BRC-20 indexers. With the Ordinals Jubilee upgrade, inscriptions will no longer have negative values, resolving the challenges associated with certain inscription types.

UniSat has confirmed its commitment to follow the Ordinals Jubilee upgrade, emphasizing the continuous support for the BRC-20 standard without splitting into an isolated protocol. A scheduled network update has been announced by UniSat, during which the BRC-20 market will be temporarily closed from January 5, 8 a.m. UTC, to January 6, 8 a.m. UTC. Other services will continue to operate normally during this period.