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Cosmos-Based Altcoin Surges by More Than 20% After Binance Innovation Zone Listing

Cosmos-Based Altcoin Surges by More Than 20% After Binance Innovation Zone Listing
Binance is sending a Cosmos ( ATOM )-based altcoin surging after the exchange listed the asset in its “Innovation Zone” on Thursday.
Binance rolled out trading services for Osmosis ( OSMO ), an automated market maker (AMM) protocol built on the Cosmos software development kit (SDK) that aims to enable cross-chain transactions by utilizing inter-blockchain communication (IBC).

Explains the project’s website,
“Osmosis allows users to launch liquidity pools with unique parameters, like bonding curves and multi-weighted asset pools. The incentive structure of Osmosis is also adaptable. Governance implements liquidity reward (LP) rewards for specific pools, allowing for strategically targeted incentives.
Osmosis is a fair-launched, customizable automated market maker for interchain assets that allows the creation and management of non-custodial, self-balancing, interchain token index similar to one of Balancer.”
Osmosis’ native governance token, OSMO, was trading around $1.30 before Binance’s announcement and then quickly shot up more than 33% to a high of $1.73.
The 66th-ranked crypto asset by market cap has since partially retraced and is trading at $1.61 at time of writing, though it remains up 24% on the day. Despite the price jump, it is still down more than 85% from its all-time high of $11.25, which it hit in March.
Binance’s “Innovation Zone” is a dedicated trading space for crypto assets that could be more prone to rapid price swings.
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Featured Image: Shutterstock/Terablete/ymcgraphic
The post Cosmos-Based Altcoin Surges by More Than 20% After Binance Innovation Zone Listing appeared first on The Daily Hodl .

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