Cosmos-based DEX Osmosis breaks above $1 billion in locked value

Cosmos-based DEX Osmosis breaks above $1 billion in locked value

A decentralized exchange on the Ethereum network surpasses $1 billion in locked value, emphasizing its ability to serve as a money transfer solution. The Cosmos-based DEX Osmosis breaks above $1 billion in locked value, emphasizing its ability to serve as a money transfer solution.

The “decentralized exchange” is a cryptocurrency trading platform that allows users to trade on their own terms. Recently, the Cosmos-based DEX Osmosis broke above $1 billion in locked value.

Cosmos-based DEX Osmosis breaks above $1 billion in locked value

According to decentralized finance analytics website DeFi Llama, the total value locked (TVL) on decentralized exchange (DEX) Osmosis, which is part of the Cosmos (ATOM) ecosystem, has topped $1 billion today.

This is due to the DEX’s remarkable increase during the last seven days. At press time, Osmosis’ TVL had increased by 7.77 percent in the previous 24 hours and by 33.74 percent in the previous week.

@osmosiszone has had a remarkable triple record day.

$OSMO ATH at $7.75 +$95M daily volume, ATH +$1,000,000,000 TVL (ONE BILLION $), ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH ATH

The whole @cosmos ecosystem is about to explode.

$OSMO $ATOM #IBCGang #1billion pic.twitter.com/ysWnoxGPQf https://t.co/N4EaQPWZ5P$OSMO $ATOM #IBCGang #1billion pic.twitter.com/ysWnoxGPQf

January 4, 2022 — Imperator.co (@imperator co)

This does not, however, imply that Osmosis is receiving a large infusion of fresh capital. TVL may be expanded in one of two ways: users can contribute more tokens to the network, or the price of previously locked assets can rise.

At the same time, Osmosis has achieved a new daily trading volume record, surpassing $95.5 million in only 24 hours, and its governance token OSMO has reached a new all-time high of $7.84.

What exactly is osmosis?

Osmosis is an automated market maker, similar to Ethereum’s Uniswap or Binance Smart Chain’s PancakeSwap, that allows users to trade (swap) multiple tokens using liquidity pools supplied by the users. To put it another way, the platform aids in the facilitation of trade without the need of centralized middlemen.

The DEX is built on its own proof-of-stake (PoS) blockchain technology, which was created with the help of the Cosmos ecosystem’s Tendermint engine. Osmosis also uses the Inter-Blockchain Communication protocol to join other networks (IBC).

TVL, on the other hand, is a statistic that indicates the current aggregate price of all locked tokens on any specific platform. When it comes to PoS DEXs, they typically consist of assets that users may stake (and help maintain the network) or lock up in liquidity pools (to help facilitate trading). 

Have a stake and pool it with others.

Stakers and liquidity providers often have to pick between those two choices when receiving passive returns on their assets, but that is not the case with Osmosis.

This is because the DEX was the first to implement the so-called “superfluid staking” functionality, which enables OSMO holders to stake and offer liquidity at the same time with no network trade-offs.

Superfluid

Fluids and LIQUIDITY are at the heart of osmosis.

Also, this fundamental work by @delitzer from a few years ago inspired the name: https://t.co/BLthd6hNUs

July 10, 2021 — Sunny Aggarwal (@sunnya97)

The DEX’s quick rise comes on the heels of the Osmosis Foundation’s $21 million token sale, which ended on October 21. 

At the time, Charlie Noyes, an investment partner at Paradigm, said, “Osmosis is our first AMM investment outside of the Ethereum ecosystem.”

“The release of IBC, Cosmos’ cross-chain interoperability interface, sparked a Cambrian flurry of developer engagement and research.” In Cosmos’ developing DeFi ecosystem, Osmosis is the natural center of gravity for liquidity.”

Robot Ventures, Nascent, Ethereal, Figment, and Do Kwon, CEO of Terraform Labs, all contributed to the funding round, which was headed by Paradigm.

Cosmos-based DEX Osmosis breaks above $1 billion in locked value

Newsletter

The most relevant daily news in the worlds of crypto, DeFi, NFTs, and more are summarized here.

Gain a competitive advantage in the cryptoasset market.

As a premium Edge member, you’ll get additional crypto insights and context in every story.

Analyses of the whole chain

Snapshots of prices

a little more context

For just $19 a month, you can become a member right now. Examine all of the advantages.

Watch This Video-

  • tvl crypto
More Stories
Bitcoin inheritance tool to use cloud service by Russian Sberbank