Binance To Support Osmosis Network Upgrade On August 23
- Binance announced the temporary suspension of OSMO token deposits and withdrawals on August 23 to facilitate the Osmosis network upgrade.
- OSMO trading will continue unaffected during the upgrade process, ensuring seamless transactions for traders.
- Previously, the exchange announced the completion of the integrations of PancakeSwap on Ethereum and Kyber Network on Polygon.
Binance has revealed its plans to facilitate the forthcoming Osmosis (OSMO) network upgrade.
The outlined schedule entails the temporary suspension of OSMO token deposits and withdrawals, set to commence at 15:00 UTC on August 23, 2023.
Concurrently, Binance will provide the necessary support for the Osmosis network upgrade at the anticipated Osmosis block height of 11,126,100, estimated to take place by 16:00 UTC on the same day.
Importantly, the network upgrade will not impact the trading of OSMO, assuring continuity for traders during this transition. Binance pledges to oversee all essential technical requirements for users holding OSMO in their Binance accounts.
Once the upgraded network attains stability, deposits and withdrawals for OSMO will be reinstated, with no further announcement foreseen.
Osmosis stands as an innovative automated market maker (AMM) built upon the Cosmos framework.
Distinguished by its utilization of Inter-Blockchain Communication (IBC), Osmosis empowers cross-chain transactions, introducing a new layer of interoperability and composability.
What sets Osmosis apart is its deep customizability, granting developers the latitude to manipulate a range of parameters, resulting in uniquely adaptable AMMs. This flexibility equips AMMs to promptly align with dynamic market conditions, deviating from the conventional reliance on fixed protocols.
In earlier developments, Binance successfully integrated PancakeSwap (CAKE) on Ethereum’s ERC-20 and Kyber Network (KNC) on the Polygon network.
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