Osmosis has marked a number of significant milestones in November - including major strides in its trading volume, network performance, Bitcoin integrations, and governance. Here's a breakdown of the key developments for the month.
Surpassing $37 Billion in Trading Volume
In November, Osmosis surpassed a major milestone by crossing the $37 billion mark in total spot trading volume. This achievement is a testament to Osmosis's growing role in the DeFi space and highlights its increasing adoption - and it not only demonstrates the platform's strong liquidity but also reflects the trust that users place in Osmosis for their DEX needs.
Faster Block Times
Another key development for Osmosis this month has been the improvement in its block times. The protocol’s average block time has dropped to approximately 1.6 seconds, making it one of the fastest blockchains in the space.
This decrease in transaction finality time enhances the user experience, allowing for more efficient transactions and better support for high-frequency activities. Faster block times are critical for a DeFi platform as they enable quicker transaction processing and ensure a smoother trading experience.
300 Million On-Chain Transactions
Osmosis has also hit another significant milestone with over 300 million on-chain transactions processed since its inception. This number reflects not only the growing adoption of the Osmosis protocol but also its scalability.
2.1M OSMO Burnt
Osmosis continues to implement its deflationary token burn mechanism. In November, over 2.1 million OSMO tokens were removed from circulation as part of the ongoing efforts to reduce the circulating supply of the token. By burning tokens, Osmosis aims to combat inflationary pressure and potentially increase the value of the remaining OSMO tokens. This mechanism, which is driven by the ProtoRev module, has been a critical part of the platform’s long-term sustainability.
Expanding Bitcoin Liquidity on Osmosis
Osmosis has made significant strides in enhancing its Bitcoin liquidity. With the support of the ProtoRev module, the Osmosis community now acquires more Bitcoin every day through arbitrage activities. This increase in Bitcoin liquidity on the Osmosis platform ensures that Bitcoin users can access deeper liquidity pools, even during times of market volatility.
Additionally, a proposal was approved in November for the purchase of $250,000 worth of Bitcoin to be added to Osmosis's liquidity pool. This move is intended to further bolster the platform’s liquidity depth and enhance its position as a reliable decentralized exchange.
Global Engagement and Industry Presence
Osmosis has also been active in engaging with the broader DeFi community. Contributors participated in major events such as EFDevcon and DeFi World 2024, where they shared insights and showcased Osmosis’s vision for the future of DeFi.
Notably, Osmosis contributor Aaron Kong spoke at DeFi World, with Osmosis co-founder Sunny Aggarwal sharing his perspective on Bitcoin's future as a proof-of-stake chain at The Staking Summit in Bangkok.
Standardized Assets and the Token Portal
November also saw the successful introduction of standardized (alloyed) assets on Osmosis. This development eliminates the need for users to manage different versions of the same asset, simplifying the user experience and improving liquidity across the network. The implementation of the Token Portal, which enables easy bridging of assets between chains, further enhances Osmosis’s multichain capabilities.
Osmosis’s rapid progress this month underscores its commitment to building a fast, secure, and efficient DeFi ecosystem, while also addressing the needs of its users through continuous innovation.
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At Stakecito Labs, we've honed our craft as validators. Our reputation as the third-largest validator by delegation count within the Cosmos ecosystem speaks to our unwavering dedication and the trust placed in us by over 270,000 delegators worldwide.
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