Osmosis (OSMO) stands as a decentralized exchange (DEX) tailored for Cosmos, a network of independent, interoperable blockchains united seamlessly through the Inter-Blockchain Communication Protocol (IBC). In addition to facilitating transactions within the Cosmos ecosystem, Osmosis extends its reach to non-IBC assets bridged from Ethereum and Polkadot ecosystems. Initially structured around Balancer-style pools, Osmosis is transitioning towards a more sustainable model of concentrated liquidity, offering enhanced trading and liquidity provision capabilities. As a DEX built on an appchain, Osmosis enjoys a higher degree of control over the entire blockchain infrastructure compared to DEXs constrained by the rules of a parent chain. This granular control has facilitated the introduction of Superfluid Staking, an innovation enhancing the security of Proof-of-Stake mechanisms. With Superfluid Staking, the underlying OSMO tokens within a liquidity provider position contribute to chain security and earn staking rewards. Furthermore, the flexibility afforded by appchains allows for the implementation of features such as a transaction mempool fortified with threshold encryption, mitigating the adverse effects of Miner Extractable Value (MEV) on Osmosis. Osmosis envisions the creation of a cross-chain native DEX and comprehensive trading suite that interlinks all chains via IBC, including Ethereum and Bitcoin. To realize this vision, Osmosis has invited external developers to construct a tailored DEX ecosystem encompassing lending, credit, margin trading, fiat on-ramps, DeFi strategy vaults, NFTs, stablecoins, and more. This expansive array of functionalities aims to replicate the capabilities of centralized exchanges while maintaining the trust-minimizing ethos inherent in decentralized finance.