Osmosis, the first decentralized exchange on the Cosmos network, crossed $1 billion in total value locked on Monday night, data fromOsmosis tokens surged 13% to $7.78 in the last 24 hours, reaching new highs and crossing the November 2021 high of $6.80, as perfrom CoinGecko. OSMO holders can stake their tokens to receive yields and rewards, and participate in platform governance to suggest measures for growing the protocol.
Osmosis has caught on recently amid revived interest in blockchains apart from Ethereum, which is expensive to use and has relatively slower transaction times. Daily average trading volumes on Osmosis grew from $4.1 million in July 2021 to $46.6 million in December 2021, data from analytics tool Token TerminalOsmosis relies on smart contracts instead of middlemen to execute trades between users. Much of its value proposition, however, arises from its future plans.
IBC is a protocol that relays messages between blockchains, allowing them to transfer and share data with each other. It was initially created to connect blockchains based on Tendermint, aCosmos is the first Tendermint network and a self-styled “internet of blockchains.” Its developers aim to create an ecosystem where applications exist on separate blockchains but can communicate with each other.
Source: Digital Coin News (digitalcoinnews.net)
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