Ethereum-Based DeFi Protocol Rallies After Coinbase Announces Support for Trading

Bitget App

Trade smarter

Daily Hodl2024/09/24 16:00

By:by Daily Hodl Staff

The native token of an Ethereum ( ETH )-based decentralized exchange (DEX) is on the rise after being listed on the top US crypto exchange by trading volume.

Coinbase listed CoW Protocol ( COW ) for trading on Tuesday and the token soared from $0.28 to $0.32, a gain of more than 14% while most of the markets are down.

“Trading will begin on or after 9 a.m. PT on September 24th, 2024, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our COW-USD trading pair will launch in phases. Support for COW may be restricted in some supported jurisdictions.”

COW is trading for $0.31 at time of writing.

The project says in a tweet that the Coinbase listing will benefit the ecosystem in a number of ways.

“CoW DAO’s (decentralized autonomous organization) mission is to make DeFi (decentralized finance) safe and seamless FOR ALL.

The Coinbase listing helps by:

Making COW more accessible.
Increasing liquidity and reducing price impact.
Introducing CoW DAO products to new users not yet familiar with MEV (maximal extractable value), intents or liquidity aggregation.

In sum, joining Coinbase enables CoW DAO to do more and go further with user-protective products like CoW Swap, CoW AMM ( automated market maker) and MEV Blocker.”

According to its website , CoW Protocol “is a fully permissionless trading protocol that leverages batch auctions as its price finding mechanism.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

European Central Bank President Christine Lagarde said bitcoin is not an option as a reserve asset for the Eurozone’s central bank reserves, citing liquidity, security and regulatory concerns.Meanwhile, the Czech National Bank approved a proposal from Governor Aleš Michl to assess diversifying some of its country’s reserves into bitcoin.

The Block•2025/01/30 21:34

'Inevitable collapse': Trump’s crypto push sparks concern at Paul Singer's Elliott Management: FT

The hedge fund said in a new investor letter that the “inevitable collapse” of the crypto bubble “could wreak havoc,” according to the Financial Times.Elliott’s Paul Singer has never been a fan of crypto, telling WSJ in 2023 that cryptocurrencies are “completely lacking in any value.”

The Block•2025/01/30 21:34