Osmosis Network is seen as the liquidity hub for the Cosmos network. This article will guide the transfer of coins & tokens to Osmosis to find potential investment opportunities in the Cosmos ecosystem in general and the Osmosis ecosystem in particular.
Osmosis Network is a Cosmos-based DPoS blockchain that was created with Tendermint and the Cosmos SDK, an application specifically designed to execute an AMM. Users can exchange (Swap) and add (Add Liquidity) two tokens using Osmosis at various rates.
With more and more projects in the Cosmos network integrating IBC, tokens of different hubs & zones can move between each other easily. As a pioneer, Osmosis is becoming the leading cross-chain AMM on the Cosmos network and has great potential to become the liquidity hub of the entire Cosmos network.
In this article, I will guide you to transfer Coins from Binance to Osmosis to find investment opportunities. Here are a few things you need to prepare in advance:
Follow the instructions below to create a Keplr Extension wallet:
Step 1: Download Keplr Extension here.
Step 2: Create an account with Keplr, there are two ways to create an account on Keplr:
I will create a wallet in the second way, which is Create new account.
After clicking, a new window will open and ask you to give your account a name, then view and confirm the seedphase → Select Register.
So you have prepared the necessary wallets for the process of transferring capital!
The process overview will go through 3 main steps like this:
First, you buy ATOM on the Binance exchange. Currently, on Binance, there are 9 trading pairs with ATOM, in which big pairs such as ATOM/BTC, ATOM/BUSD, ATOM/USDT, you can choose the right trading pair for you.
Next, please withdraw the ATOM you just bought on Binance to the ATOM wallet you just created on Keplr.
Note, you must fill in the MEMO that the exchange requires to avoid losing ATOM. After the final check, you confirm the ATOM withdrawal process, the ATOM withdrawal process on Binance will take a few minutes to perform.
Visit the website: https://app.osmosis.zone/assets
Select Connect Wallet and use Keplr wallet to connect to Osmosis dapp. Then select the number of ATOMs you want to transfer onto the Osmosis protocol and press “Deposit” button
Note: Osmosis will default Chain to the pair you want to transfer. In the picture below you can see the ATOM (Cosmos Network) being transferred to the ATOM (Osmosis Network)
Here are a few things to keep in mind when transferring money via Osmosis:
No! Currently, you can only use Keplr Extension to access Osmosis.
Depending on the conditions of the parties involved (Binance, Terra & Osmosis exchanges), the total transfer time will take from 10 – 20 minutes according to the process I instructed above.
Binance exchange withdrawal fees and transaction fees of Osmosis Blockchain.
After the collapse of UST, Osmosis currently only supports 2 stablecoins, USDC and DAI. However, current exchanges do not support the conversion of these two tokens via Keplr wallet. Therefore, using ATOM will be the fastest method at the moment.
Coin standardization process via Osmosis through many intermediaries. So, if you get stuck somewhere, you will contact the support team of that place.
I hope the above content will help you to have easier access to Osmosis, as well as find good investment opportunities in the Osmosis ecosystem. If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Ken. N
Coincu Ventures
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