Osmosis introduces stableswap, a new stablecoin exchange on the Cosmos network with minimum price impact.
The Osmosis team expects stableswap to become a “primary hub” for stablecoins, competing with Curve, Ethereum’s major stablecoin trading platform.
“We intend to support multiple stablecoins of the Cosmos ecosystem – both centralized stablecoins like USDC, USDT, and BUSD, as well as fresh stablecoins,” stated Osmosis founder Sunny Agarwal in a statement.
The platform employs a “curve algorithm” that centralizes tokens into an asset pool/pool, allowing users to trade large amounts of stablecoins with minimal price impact.
According to DeFiLlama, Osmosis is the largest decentralized exchange on Cosmos by daily volume, with over $177 million in assets.
As bridging solutions emerged, several stablecoins on Ethereum, such as USDC, USDT, BUSD, and DAI, poured into Cosmos. Circle, the USDC stablecoin issuer, announced plans to integrate with Cosmos in the first quarter of 2023 in October.
To boost liquidity, the platform also allows developers to construct stablecoin pools similar to Curve’s 3pools and opens trading for staking assets, such as ATOM staking (stATOM).
Prior to it, Osmosis experienced a severe security problem in which many “bad” people took advantage of themselves. However, the incident was quickly recognized and handled by the project. Since then, Osmosis has made other important movements, most recently collaborating with Moonbeam (GLMR).
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