Coinbase customers can now trade the Cosmos (ATOM)-based decentralized finance (DeFi) altcoin Osmosis (OSMO).
The major US crypto exchange added support for the altcoin under its “Experimental Label,” a designation it established for less liquid and riskier tokens.
Osmosis is an Automated Market Maker (AMM) protocol based on the Cosmos Software Development Kit (SDK). Its goal is to enable cross-chain transactions by utilizing Inter-Blockchain Communication (IBC).
Osmosis’s native governance token, OSMO, is trading at around $0.5986 as of this writing. The 110th-ranked crypto asset by market capitalization 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 crypto tracker DeFi Llama.
The TVL of a blockchain represents the total capital contained in its smart contracts. TVL is calculated by multiplying the amount of collateral locked up in 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 trading space dedicated to crypto assets that might be more prone to rapid price changes.
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