Top US crypto exchange Coinbase has added a Cosmos (ATOM)-based decentralized finance (DeFi) project to its listing roadmap, giving the altcoin a price boost amid the ongoing market stagnation.
Coinbase customers can soon trade Osmosis (OSMO), an automated market maker (AMM) protocol built on the Cosmos software development kit (SDK) that aims to enable cross-chain transactions by using inter-blockchain communication (IBC).
Explains the project website,
“Osmosis allows users to launch liquidity pools with unique parameters, such as bonding curves and multi-weighted asset pools. The stimulus structure of Osmosis is also adjustable. Governance implements liquidity rewards (LP) for specific pools, enabling strategically targeted incentives.
Osmosis is a fair-launched, customizable automated market maker for interchain assets that enables the creation and management of non-custodial, self-balancing, interchain token index similar to one from Balancer.
Osmosis’ native governance token, OSMO, was trading around $0.7325 on Wednesday before Coinbase’s announcement and has since skyrocketed to $0.8106 at the time of writing, up more than 10%.
However, despite the recent price increases, the 101st-ranked crypto asset by market capitalization remains nearly 93% lower than its all-time high of $11.25, which it reached in March 2022.
Coin base made last year’s listing roadmap to increase transparency and reduce the likelihood of them leading their listing announcements.
It’s not the only major exchange to roll out support for OSMO. Last October, Binance placed the altcoin in its “Innovation Zone,” a dedicated trading space for crypto assets that could be more susceptible to rapid price swings.
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