Crypto & Blockchain News

Introducing Osmosis (OSMO): Coinbase Enables Cosmos-Based DeFi Altcoin Trading


Coinbase, a leading US cryptocurrency exchange, has boldly allowed its customers to trade the decentralized finance (DeFi) altcoin Osmosis (OSMO), which is built on top of the Cosmos blockchain. These additions fall under Coinbase’s “Experimental Label,” a category created specifically for high-risk, lower-liquidity tokens.

Osmosis is an automated market maker (AMM) protocol that leverages the powerful Cosmos software development kit (SDK). Its main goal is to facilitate cross-chain transactions through innovative inter-block chain communication (IBC) technology. As such, Osmosis aims to unlock the potential for seamless interoperability between different blockchain networks.

At the time of writing, Osmosis’ native governance token, OSMO, is valued at approximately $0.5986. Ranked as the 110th cryptocurrency by market capitalization, OSMO has experienced a modest decline of 0.6% in the last 24 hours and a modest decline of 2.6% over the past week.

According to data from DeFi Llama, Osmosis currently holds an impressive 12th position among decentralized exchanges (DEXs) in terms of total locked value (TVL), with a substantial figure of $147.9 million. TVL represents the aggregate value of capital held in blockchain smart contracts, calculated by multiplying the amount of collateral locked by the current value of the asset.

Coinbase’s decision to include Osmosis in its listing roadmap was announced last month. This move follows in the footsteps of Binance, one of the world’s largest cryptocurrency exchanges, which listed OSMO in its “Innovation Zone” in October. The Innovation Zone is a dedicated trading space for crypto assets that may exhibit higher volatility and rapid price fluctuations.

By supporting Osmosis, Coinbase is committed to offering its users access to various altcoins and DeFi projects. This decision is expected to increase liquidity and introduce the innovative capabilities of the Cosmos ecosystem to more traders. As the crypto industry continues to grow, Coinbase remains at the forefront, catering to the demands and interests of its growing user base.

Investors and enthusiasts are eagerly awaiting the potential impact of Osmosis’ inclusion on the Coinbase platform. With the combination of Cosmos’ strong infrastructure and Osmosis’s vision to enable frictionless cross-chain transactions, this integration could mark a significant step forward for adopting decentralized finance and exploring new blockchain frontiers.


Source link

Related Articles

Back to top button