Top US Crypto Exchange Coinbase Launches Trading Support for Cosmos-Based DeFi Altcoin
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Coinbase customers can now trade the Cosmos (ATOM)-based decentralized finance (DeFi) altcoin Osmosis (OSMO).
The top US crypto exchange added support for the altcoin under its “Experimental Label,” a designation it established for riskier, lower liquidity tokens.
Osmosis is an automated market maker (AMM) protocol built on the Cosmos software development kit (SDK). It aims to enable cross-chain transactions by utilizing inter-blockchain communication (IBC).
Osmosis’ native governance token, OSMO, is trading at around $0.5986 at time of writing. The 110th-ranked crypto asset by market cap is down 0.6% in the past 24 hours and more than 2.6% in the past week.
The protocol ranks 12th among all decentralized exchanges (DEXs) with $147.9 million in total value locked (TVL), according to the crypto tracker DeFi Llama.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
Coinbase first added OSMO to its listing roadmap last month. It’s not the first major exchange to support the token: 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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