Cosmos-Based DeFi Project Rises On Coinbase Rumors

Coinbase, a top US crypto exchange, has added a Cosmos (ATOM)-based decentralized finance (DeFi) project to its listing roadmap, giving the altcoin a price boost amid the market downturn.

Coinbase clients can soon trade Osmosis (OSMO), an automated market maker (AMM) protocol built on the Cosmos SDK that uses inter-blockchain communication (IBC) to enable cross-chain transactions.

Describes 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.”

OSMO, Osmosis’ native governance token, was trading about $0.7325 on Wednesday before the Coinbase announcement and has subsequently risen more than 10% to $0.8106 at time of writing.

Despite recent price improvements, the 101st-ranked crypto asset by market cap is still 93% below its March 2022 high of $11.25.

Last year, Coinbase devised the listing plan to promote transparency and prevent front-running.

OSMO is supported by other major exchanges. Binance placed the altcoin in its “Innovation Zone” in October, a trading space for volatile crypto assets.