dailyhodl.com
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 doldrums.
Coinbase customers could 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 utilizing inter-blockchain communication (IBC).
Explains the project’s website,
“Osmosis allows users to launch liquidity pools with unique parameters, like bonding curves and multi-weighted asset pools. The incentive structure of Osmosis is also adaptable. Governance implements liquidity reward (LP) rewards for specific pools, allowing for strategically targeted incentives.
Osmosis is a fair-launched, customizable automated market maker for interchain assets that allows the creation and management of non-custodial, self-balancing, interchain token index similar to one of Balancer.”
Osmosis’ native governance token, $OSMO, was trading around $0.7325 on Wednesday before the Coinbase announcement and has since shot up to $0.8106 at time of writing, a more than 10% increase.
Despite the recent price gains, however, the 101st-ranked crypto asset by market cap remains nearly 93% down from its all-time high of $11.25, which it hit in March 2022.
Coinbase created the listing roadmap last year to increase transparency and reduce the possibility of front-running their listing announcements.
It’s not the only major exchange to roll out support for $OSMO. Last October, Binance listed the altcoin in its “Innovation Zone,” a dedicated trading space for crypto assets that could be more prone to rapid price swings.