Binance, one among the top cryptocurrency exchanges worldwide, has announced its support of the Osmosis Network (OSMO) upgrade. The Osmosis network will undergo an upgrade that will improve its scalability, transaction speeds and efficiency.
Binance stated that it was committed to supporting Osmosis’ growth and development and that the upgrade would be a positive move forward for the platform. Binance also stated that it would work closely with Osmosis to ensure smooth transition to the upgraded network.
Osmosis, a decentralized network that allows users to build and deploy decentralized applications on the blockchain, is called Osmosis-DPoS. The upgrade will introduce a new consensus mechanism known as “Osmosis DPoS”, which is designed for increasing the scalability of the network and efficiency.
To participate in the upgrade, users of Osmosis will need to update wallets and nodes. To protect user funds, Binance will suspend withdrawals and deposits of OSMO tokens for the upgrade period.
Binance’s support of the Osmosis network upgrade project is a positive move for the platform as well as its users. The network will be more user-friendly and accessible to a wider audience thanks to the upgrade.