5 Steps To Buy OSMO On The Osmosis Platform

Last updated on February 13th, 2022

The Osmosis platform is a cross-chain platform that allows you to purchase any cryptocurrency that adopts the Inter-Blockchain Communication Protocol (IBC).

If you’re looking to buy the OSMO token, there are not many ways to do so, apart from the Osmosis platform.

Here’s a guide to help you get started:

How to buy the OSMO token on Osmosis

Here are 5 steps to buy the OSMO token on Osmosis:

1. Buy an IBC-enabled cryptocurrency on an exchange
2. Send the IBC-enabled cryptocurrency to your Keplr Wallet
3. Connect your Keplr Wallet with Osmosis
4. Deposit your IBC-enabled cryptocurrency into Osmosis
5. Trade your IBC-enabled cryptocurrency for Osmosis

Buy an IBC-enabled cryptocurrency on an exchange

OSMO is the native token of the Osmosis platform.

However, since Osmosis is a decentralised exchange (DEX), its token is not listed on other centralised exchanges such as FTX or KuCoin.

To buy the OSMO token, you will need to deposit an IBC-enabled cryptocurrency and swap it for OSMO.

Some of these IBC-enabled cryptocurrencies include:

1. ATOM
2. CRO
3. LUNA
4. UST
5. SCRT

You are able to buy them on many exchanges, such as Binance, Crypto.com or FTX.

Send the IBC-enabled cryptocurrency to your Keplr Wallet

The next step will be to send the IBC-enabled cryptocurrency that you have chosen to your Keplr Wallet.

You can view these guides to see find out more information on sending these cryptocurrencies to Keplr:

1. ATOM
2. CRO
3. LUNA and UST
4. SCRT

If you intend to send LUNA or UST to your Keplr Wallet, you will need to add the Terra network to your Keplr Wallet first.

Connect your Keplr Wallet with Osmosis

For the next step, you will need to connect your Keplr Wallet to the Osmosis platform.

Deposit your IBC-enabled cryptocurrency into Osmosis

After that, you can go to the ‘Assets‘ tab on Osmosis,

and select ‘Deposit‘ on the IBC cryptocurrency that you have transferred to Osmosis.

You will need to transfer your tokens from your Keplr Wallet on their native chain to the Osmosis chain (osmo).

To do so, you will need to pay a small transaction fee in the token that you’re transferring.

As such, try not to send your entire balance over from Keplr to Osmosis!

For example, if you want to deposit ATOM to Osmosis, you will transfer your tokens from the ‘cosmos’ chain to the ‘osmo’ chain.

Don’t forget to leave a small amount of ATOM behind to process this transfer!

Trade your IBC-enabled cryptocurrency for Osmosis

Once you have deposited your assets to Osmosis, you are now able to trade it for OSMO.

You will need to go to the ‘Trade‘ tab,

and you will be able to swap your IBC-enabled cryptocurrency for OSMO.

This is similar to other platforms such as Pancakeswap or Uniswap.

If you do not have any ATOM, you will be able to select other cryptocurrencies from the dropdown menu, including LUNA, UST or CRO.

After confirming the transaction, you will now have bought the OSMO token!

Conclusion

Since OSMO is not currently listed on most centralised exchanges, you are only able to buy it on the Osmosis platform itself.

This is similar to how you would buy JUNO on Osmosis too.

To do so, you will need to first buy an IBC-enabled cryptocurrency, send it to Osmosis via Keplr, and then swap it for OSMO.

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