Coinbase has announced that it will add Osmosis (OSMO), a Cosmos-based decentralized finance (DeFi) project, to its listing roadmap.
This has given the OSMO token a price boost amid the ongoing market doldrums. Osmosis is an automated market maker (AMM) protocol built on the Cosmos software development kit (SDK) that enables cross-chain transactions using inter-blockchain communication (IBC).
The project’s website explains that Osmosis allows users to launch liquidity pools with unique parameters and an adaptable incentive structure.
OSMO’s native governance token was trading around $0.7325 before the Coinbase announcement and has since shot up to $0.8106 at the time of writing, representing more than a 10% increase.
However, the 101st-ranked crypto asset by market cap is still nearly 93% down from its all-time high of $11.25, which it hit in March 2022.
Binance has also listed OSMO in its “Innovation Zone,” a dedicated trading space for crypto assets that could be more prone to rapid price swings.
