Osmosis token rises by 24% after listing on Binance

The exchange opened trading of the asset in pairs with its own BUSD stablecoin, as well as USDT and BTC

30.10.2022 - 07:00

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What’s new? On October 28, crypto exchange Binance listed the Osmosis (OSMO) token in the Innovation Zone and opened spot trading of the asset in pairs with bitcoin, as well as Binance USD (BUSD) and Tether (USDT) stablecoins. After being listed on the platform, OSMO’s value increased by 24%, as of October 29, 11:25 UTC, the asset is trading at $1,62.

OSMO price chart

What else is known about the listing? Within 48 hours of the listing, the exchange will also add OSMO as a leveraged asset in cross margin and isolated margin pairs with BUSD and USDT.

Binance representatives explained that the Innovative Zone allows trading new tokens, which, compared to other assets, have more volatility and, as a consequence, carry higher risks. In order to trade in this designated zone, users need to fill out an application for assuming all risks (“Initial Disclaimer”). In addition, no restrictions are imposed on trading pairs in this zone.

Statement on the exchange’s blog

What is Osmosis? It is a blockchain with the native token OSMO built on the Cosmos ecosystem. The network also operates a decentralized crypto exchange (DEX). On June 8, the Osmosis network was suspended by developers and validators after a liquidity pool exploit. One of the users deposited funds into the pool and then immediately withdrew them, but the bug caused the sum of assets to increase by 50%. The developers reported that the vulnerability was detected and fixed.

On October 19, the price of the token of the Aptos (APT) blockchain platform jumped by 10 000% immediately after the opening of trading on the Binance crypto exchange. Paired with USDT, the value of the asset increased from $1 to $100, but dropped to the $7-8 level shortly thereafter. Currently, the asset is trading at $8,15.

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