Binance is sending a Cosmos (ATOM)-based altcoin surging after the exchange listed the asset in its “Innovation Zone” on Thursday.
Binance rolled out trading services for 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 $1.30 before Binance’s announcement and then quickly shot up more than 33% to a high of $1.73.
The 66th-ranked crypto asset by market cap has since partially retraced and is trading at $1.61 at time of writing, though it remains up 24% on the day. Despite the price jump, it is still down more than 85% from its all-time high of $11.25, which it hit in March.
Binance’s “Innovation Zone” is a dedicated trading space for crypto assets that could be more prone to rapid price swings.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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