Coinbase, the leading US cryptocurrency exchange, has boldly allowed its customers to trade the decentralized finance (DeFi) altcoin Osmosis (OSMO), built on the Cosmos blockchain. This addition comes under Coinbase’s “Experimental Label,” a category created specifically for higher-risk tokens and lower liquidity.
Osmosis is an automated market maker (AMM) protocol that leverages the powerful Cosmos software development kit (SDK). Its primary objective is facilitating cross-chain transactions through innovative inter-blockchain communication (IBC) technology. By doing so, Osmosis aims to unlock the potential of seamless interoperability between different blockchain networks.
At the time of writing, the native governance token of Osmosis, OSMO, is valued at approximately $0.5986. Ranked as the 110th cryptocurrency by market capitalization, OSMO has experienced a minor decline of 0.6% within the last 24 hours and a moderate drop 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 value locked (TVL), boasting a substantial figure of $147.9 million. TVL represents the aggregate value of capital held within a blockchain’s smart contracts, calculated by multiplying the amount of locked collateral by the current asset value.
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 largest cryptocurrency exchanges globally, which listed OSMO in its “Innovation Zone” in October. The Innovation Zone is a specialized 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 boost liquidity and introduce more traders to the innovative capabilities of the Cosmos ecosystem. As the crypto industry continues to evolve, Coinbase remains at the forefront, catering to its user base’s growing demands and interests.
Investors and enthusiasts eagerly await the potential impact of Osmosis’ inclusion on Coinbase’s platform. With the combination of Cosmos’ robust infrastructure and Osmosis’ vision of enabling frictionless cross-chain transactions, this integration could signify a significant step forward for adopting decentralized finance and exploring new blockchain frontiers.
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