Coinbase considers adding new ETH DeFi tokens to its platform such as Balancer, Band, Curve, Kava, and Ampleforth’s AMPL as we are reading more about it in the upcoming Coinbase news today.
Coinbase considers adding 19 new DeFi tokens on its exchange and most of them are related to Ethereum’s decentralized finance ecosystem. However, not every token will be listed but it seems that some will be added such as BAL, BAND, KAVA, CRV, and AMPL according to the latest blog post of the platform. Many of the assets are related to ETH’s decentralized finance ecosystem.
Ampleforth is a cryptocurrency with a dynamically adjusted supply that uses similar economics to stablecoins. Band Protocol is an oracle platform that connects real-world data to smart contracts. Balancer is a decentralized exchange and automated market for trading ERC-20 tokens. Curve Finance is a decentralized pool while Kava is a DeFi lending platform that provides solutions to mint stablecoins by their crypto holdings.
Some of these platforms are mostly used by yield farmers that invest cryptocurrency in order to earn interest over time. Coinbase is considering the other 13 tokens as well: Flexacoin, Helium, Blockstack, Melon, Hedera Hashrahp, Ocean Protocol, Paxos Gold, The Graph, Theta, TBTC, and UMA. The listings could pump the tokens’ prices based on the historical reaction to the listings. There’s no guarantee that the platform will list these tokens as they could review each token for compliance and security:
“We … cannot guarantee whether or when any above-listed asset will be listed on a Coinbase product in any jurisdiction.”
However, Coinbase listed a lot of tokens in the past as in June they revealed a new plan to list 18 other cryptocurrencies. At least six of the tokens were listed one month later. Despite the openness to new projects, the company is quite selective. Coinbase follows the DeFi trend as it started offering its users a 2% yield on their DAI holdings with zero-interest rates and the platform is now expected to get some additional retail attention.
The users will also get a reward with an APY much higher than the USDC rewards APY of 0.15%. The earning yields on stablecoins are much more attractive than keeping the money in the bank accounts and now with coinbase Earn, some users will be able to start earning for free.
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