In December 2023, Osmosis, a DEX based on Cosmos, had $1. 121 billion in monthly trading volume according to DefiLlama data.
The price of OSMO, the main token of DEX, has gone up a lot recently. It is now trading at $1. 51, which is 121. 97% higher than it was 30 days ago.
This is the first time since May 2022 that the amount of trading on the DEX has been over $1 billion. This happened before Terra Luna’s failure, which caused the Cosmos ecosystem to lose billions of dollars.
Osmosis works as a DEX and an automated market maker (AMM) on the Cosmos network. It is known for letting users make and control their own pools of money with options they can change.
It works on a system where it doesn’t hold onto your assets and is part of a bigger group of related programs called Cosmos SDK. It can work with more than 47 different chains in this system. The platform is famous for being able to work well with other platforms using the IBC protocol. It provides a strong system for making applications that work across different platforms and for creating smart contracts.
With the increase of buying and selling in the digital currency markets, many blockchain networks are getting more attention because of new projects starting. Cosmos is a popular blockchain because it has special technology that investors are very interested in.
Osmosis is becoming more popular again because people are interested in the universe and the ecosystem around it. New tokens like Celestia (TIA) are being introduced, and there are also many free token giveaways coming soon.
At its heart, airdrop farming means people lock up certain tokens to get rewards, and they might get more tokens later on. AirDrops have become more and more popular. Many companies have been giving out tokens through AirDrops, both in the past and lately.
This activity is made easier by the way different parts of the Cosmos platform can work together, so many different people can join in and be rewarded. If you have a wallet with Osmosis’s own token, OSMO, you can get a lot of free coins from the Cosmos network.
Airdrops are now a big way for Web 3 protocols to get new users and activity by offering rewards in the future.