Binance announces support for the Osmosis network upgrade

Deposit and withdrawal of funds will be suspended on January 23 at 15:00 UTC

23.01.2023 - 14:55

367

2 min

What’s new? Cryptocurrency exchange Binance has announced that it will support the Osmosis network upgrade on January 23 at approximately 16:00 UTC. Deposits and withdrawals of OSMO tokens on the platform will be suspended at 15:00 UTC. Representatives of Binance announced this on the official blog.

Announcement on the Binance blog

What else is known? The Osmosis network upgrade will take place at the block height of 7 937 500. In this, the trading of OSMO tokens will not be affected. Deposits and withdrawals will resume as soon as Binance is convinced that the upgraded network is stable.

What is Osmosis? It is a blockchain with the native token OSMO built in the Cosmos ecosystem. The network also operates a decentralized crypto exchange (DEX). On June 8, the Osmosis network was suspended by developers and validators after a liquidity pool exploit. One of the users deposited funds into the pool and then immediately withdrew them, however, because of the bug, the sum of assets increased by 50%. The developers reported that the vulnerability was detected and fixed

On October 28, 2022, Binance listed OSMO in the Innovation Zone and opened spot trading of the asset in pairs with bitcoin as well as Binance USD (BUSD) and Tether (USDT) stablecoins. After the listing on the platform, the OSMO rate increased by 24%.

As of January 23, 14:40 UTC, OSMO is trading at $0,969, having gained 3,85% in 24 hours. The asset ranks 84th in the ranking of cryptocurrencies by market capitalization with a figure of $505,8 million.

Author: