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Injective, a L1 protocol, has also revealed that is developing cross-chain bridges for Cosmos-based projects and it is currently working on support for OSMO. Now live on incentivized testnet! #IBCGang - Federico Kunze Küllmer December 22, 2021 Related: 3 reasons why Cosmos (ATOM) price is near a new all-time high Cross-chain ease the burden for tradersĪ third reason for the bullish turn in OSMO is the increased attention Cosmos has directed toward EVM compatibility and cross-chain bridges.Įvmos is a current project in development that is working on becoming the first IBC-compatible EVM-based chain and it is currently supporting ERC-20 tokens on its testnet.
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Osmosis' second native token, ION, also hit a new high at $16,500 on Jan. 7, which is just a dollar below its all-time high. Notably, ATOM, which is the most recognizable asset from Cosmos, hit a daily high of $43.64 on Jan. The climbing TVL comes as multiple tokens in the Cosmos ecosystem hit new highs. Total value locked on the riseĪ second development laying out the bullish case for OSMO has been the steady increase in total value locked on the protocol, which hit a record $1.21 billion on Jan. Furthermore, a large portion of the supply is also being used to provide liquidity in the various liquidity pools offered on Osmosis. Other factors that have helped bolster the price of OSMO as trading volume increased include the fact that more than 81 million OSMO are currently staked on the network, according to data from SmartStake. The spike in trading volume and token price briefly resulted in Osmosis becoming the third ranked DEX by market capitalization as highlighted in the following tweet from Twitter user Jimmy Yang.ģrd largest DEX token is a DEX $OSMO $ATOM /UbBNur2Dsr- Jim Yang is hiring January 6, 2022 7 and a new all-time high was set on the same day.
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According to data from Token Terminal, trading volume hit a record high of $186.8 million on Jan. One of the biggest factors helping drive the price of OSMO has been the significant increase in trading volume on the exchange. Three reasons for the price growth seen in OSMO include a surge in trading volume on the DEX, a record high in the total value locked on the protocol and the release of cross-chain bridges that connect the Cosmos ( ATOM) ecosystem with other Ethereum ( ETH) Virtual Machine (EVM) compatible networks. 17 to a new all-time high at $9.24 on Jan. Osmosis is the first decentralized exchange (DEX) servicing projects connected through the Interblockchain Communication Protocol (IBC) and data from Cointelegraph Markets Pro show OSMO price surged 123% from a low of $4.05 on Dec. One decentralized finance (DeFi) protocol that has benefited from the current expansion plans is Osmosis (OSMO). Crypto assets within the Cosmos ecosystem have been on a run since the start of 2022, thanks to an intensified focus on brokering cross-chain compatibility with other blockchains.