Binance, the largest cryptocurrency exchange in terms of trading volume, has announced a new listing. The cryptocurrency exchange adds Osmosis (OSMO) to its Innovation Zone, where volatile projects are listed. Here are the details…
Binance lists Osmosis
Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume, announced that it has added Osmosis (OSMO) to its Innovation Zone. The listing of the stock market will take place today at 13:00 Turkey time. The OSMO deposit process has now started. Shooting processes will start one day after the listing date, tomorrow at 13 pm. OSMO is listed with Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) pairs. That is, it will be possible to trade with three different trading pairs.
After the announcement, OSMO’s price jumped. Osmosis is currently up 33.9 percent. The coin, which is in the 62nd place with a market capitalization of $ 810 million, is changing hands at $ 1.73. The cryptocurrency gained 51 percent in the seven-day period. The coin managed to rise from $1.28 to $1.73 after Binance’s announcement. Still, the coin is still 84 percent below its all-time high of $11.25 recorded on March 4, 2022.
What is osmosis (OSMO)?
Osmosis is a project related to the Cosmos ecosystem. Osmosis is a DEX protocol. That is, it uses smart contracts to set the price of crypto-assets, generate liquidity through a peer-to-peer (P2P) methodology, and fully handle the processes in the middle of users. This approach to an exchange platform is known as AMM, a DEX protocol that prices crypto assets in liquidity pools. Contributing to these pools with tokens helps promote decentralized liquidity, which is then used to streamline processes on the exchange.
Osmosis AMM is unique in that it allows users to create their own liquidity pools or augment existing ones with their own unique parameters. Because Osmosis is built on top of the Cosmos ecosystem, users can natively trade assets from more than 47 different chains within Cosmos.