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.
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