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Coinbase Expands Trading with New Altcoin for DeFi Enthusiasts

Coinbase Expands Trading with New Altcoin for DeFi Enthusiasts

Customers on Coinbase now have the opportunity to trade the DeFi token Osmosis (OSMO), an alternative coin based on Cosmos (ATOM).

Coinbase, the leading cryptocurrency exchange in the United States, has included Osmosis under its “Experimental Label,” which is used for tokens with higher risk and lower liquidity.

Osmosis is a protocol that operates as an automated market maker (AMM) and is built on the Cosmos software development kit (SDK). Its primary objective s to facilitate cross-chain transactions by utilizing inter-blockchain communication (IBC).

At the time of writing, Osmosis’ native governance token, OSMO, is trading at approximately $0.5986. Currently ranked 110th by market capitalization, the value of OSMO has decreased by 0.6% over the past 24 hours and more than 2.6% over the past week.

According to DeFi Llama, a crypto tracker, Osmosis ranks 12th among all decentralized exchanges (DEXs), with a TVL of $147.9 million.


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TVL represents the total capital held within the smart contracts of a blockchain. It is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

Coinbase announced the addition of OSMO to its listing roadmap last month.

Binance, another prominent exchange, had previously listed the altcoin in its “Innovation Zone,” a dedicated trading space for crypto assets that may experience significant price volatility.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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