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Omni Network (OMNI) Hit With Intense Volatility As Coinbase Unveils Listing

Omni Network has seen as much as a 22% drop in its token value after Coinbase unveiled its plans to list OMNI
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Omni Network (OMNI) Hit With Intense Volatility As Coinbase Unveils Listing

Highlights

  • Omni Network is set to go live on Coinbase for trading
  • Multiple exchanges listing the OMNI token
  • Price outlook shows intense volatility playing out

Coinbase has announced its intention to add support for Omni Network on the Ethereum network (ERC-20 token) by listing its newly launched token OMNI.

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OMNI To Trade Against BTC and USDT

According to the American crypto trading platform, OMNI trading is supported on its spot exchange, hence investors are advised to avoid sending the asset over other networks or risk losing their funds. Depending on whether liquidity conditions are fulfilled, trading of OMNI on Coinbase will commence on April 17. 

In the near future, it is expected that trading pair options for the token like OMNI-USD will be released in phases. This is, however, hinged on the availability of a sufficient supply of the token. OMNI will also trade against major cryptocurrencies like BTC, USDT, and BNB.

News of the Coinbase listing comes a few hours after Omni Network revealed the launch of the token which it described as a historic milestone for its ecosystem. 

The token is a product of several years of development by the Omni team. Ultimately, the Omni Network is designed to bring revolution to Decentralized Applications (DApps) through the unification of Ethereum’s scaling solutions into a cohesive system. In other words, it is a blockchain platform that provides interoperability between Ethereum rollups. 

Immediately after the launch of the OMNI token, claims and staking were made available on the platform. This means that eligible addresses get to claim their Genesis airdrop. OMNI token trading commenced on leading cryptocurrency exchange Binance at 8 AM EST. 

Markedly, the trading of OMNI is restricted in certain jurisdictions that do not support the token.

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Omni Network Bags Support From Ecosystem Players

Noteworthy, Binance added the Omni Network to its Launchpool a few days back. This made the Ethereum integrated roll-up layer the 52nd venture on Binance’s breeding ground for promising projects. This strategic partnership also gave Launchpool access to 3.5% of the total token supply of 100 million, fostering a brilliant approach to facilitate circulation and adoption of OMNI. 

Like Coinbase, prominent liquid staking protocol Ether.Fi also announced its support for the Omni Network by signing a $600 million delegation deal with its operators. The alliance aims to strengthen the security and performance of the Omni Network

Following the Coinbase listing, OMNI price has slumped by 22.43% as the token is currently trading at $5.28, indicating a negatively skewed intense market volatility.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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