BitCanna has been officially listed on Osmosis DEX. You can now connect your Keplr wallet to Osmosis and acquire BitCanna with other Cosmos-based assets such as ATOM, OSMO UST, LUNA, JUNO, CRO, IRIS and many more!
Trading BCNA is not the only thing that Osmosis has to offer. You can also start to provide liquidity for the BCNA pools. Not sure how liquidity pools work? More on this further down this post.
BitCanna has launched on Osmosis with a BCNA/ATOM pool, and a BCNA/OSMO pool. This doesn’t necessarily mean you can only trade these pools, you can swap BCNA for all IBC-enabled assets listed on Osmosis. Keep on reading to learn more!
Please note that BitCanna has transitioned just recently to its new network built with Cosmos-SDK. Only coins on our new network are compatible with Keplr (and Osmosis). If you previously held BCNA (Before October 2021) make sure to swap them by navigating to our network transition swapping guide.
Osmosis is the largest (decentralised) exchange within the Cosmos Ecosystem with over 546 million USD liquidity, and a daily volume of roughly 50 million USD. Perhaps you are already familiar with Uniswap and Pancakeswap, Osmosis is just that, but for Cosmos-based assets! On Osmosis, you will now be able to trade BCNA with just a few clicks. On Osmosis, trading BCNA for other assets is instantaneous. Even the transaction fees required to use the exchange are 0, all thanks to Osmosis.
Liquidity pools & External incentive
A DEX functions in its essence as a marketplace, all without third-party interference. People offer their assets for a set amount of a different asset. In Osmosis’ case, this happens in so-called liquidity pools. For in-depth information on liquidity pools, please read our previous post for a more in-depth dive into liquidity pooling!
As mentioned before, BitCanna pre-created 2 pools: a BCNA/ATOM pool and a BCNA/OSMO pool. BitCanna will provide an initially combined liquidity of 1 million USD in the ATOM/BCNA and BCNA/OSMO pool, with 50% being allocated to the ATOM pool and 50% being allocated to the OSMO pool. This liquidity will be added gradually to the pools.
External LP Incentive Program
Creating a deep liquidity pool is detrimental to make sure slippage will be kept to a minimum for higher volume trades. Therefore, BitCanna has allocated 6M to incentivize both pools on Osmosis, with an initial 4M being split on a 60/40 percentage basis, with 60% being allocated to the ATOM/BCNA pool and 40% to the OSMO/BCNA pool. This means we have another 2M available to incentivize an additional pool if desired (BCNA/UST), or further incentivize current pools.
A major milestone for BitCanna
As you may know, BitCanna provides a solution for the cannabis industry to reduce dependence on centralised third-party organisations. We believe in empowering organisations and people with blockchain technology, which is the very thing a Decentralised Exchange stands for.
Over the last year, we’ve been working towards this pivotal moment; our new blockchain built with Cosmos-SDK allows us to list on Decentralised Exchanges such as Osmosis, putting the IBC (inter-blockchain-communication) protocol into practice.
As mentioned before, no third party is involved that requires user data, KYC or account approvals! All transactions take place on the decentralized blockchain of Osmosis!
Which exchanges are next?
Osmosis availability has been an important milestone and important step towards the future.
However, this is only just the beginning. BitCanna will continue to expand the set of options to trade the BCNA coin. Next up are Emeris and Sifchain, two major DEXs within the Cosmos network, so keep an eye out for updates regarding these listings!
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