Major United States cryptocurrency exchange Coinbase has announced a long list of tokens that could appear in the second quarter of 2022 in an effort to increase transparency.
An April 12 post from the exchange includes a list of tokens under consideration, but notes that other tokens may be under consideration. but they are not specifically mentioned. Among those on his radar are 45 ERC-20 tokens on the Ethereum (ETH) network, and five SPL tokens on the Solana (SOL) network.
Some of the tokens with a relatively large market capitalization are Binance USD (BUSD), which is the third largest stablecoin in the market, and one of the largest DAO projects, BitDAO (BIT), which has a market capitalization of just over $1 billion at the time of writing, according to data from CoinGecko.
The exchange stated that its new approach to token listings will also provide “as much symmetry of information as possible.” Information symmetry promotes efficiency and fairness in a market.
It also reduces the chances of a “pump and dump” scenario occurring on the day of listing on the exchange., as the retail frenzy can be mitigated by foreknowledge of market listing. Although much more common on other centralized and decentralized exchanges, Coinbase has had its fair share of price action in the coins it lists. In 2020, the OMG Network (OMG) shot up 200% within 15 minutes of appearing on Coinbase and crashed moments later.
Cryptocurrency projects are well aware of the attention that a Coinbase listing can generate, or even its potential. Relatively small decentralized finance (DeFi) data tokenizer Big Data Protocol (BDP), with a market capitalization of $3.3 million according to CoinGecko, is tweeted delighted today that Coinbase was looking at its potential listing.
However, while the increased transparency may be a boon to investors and projects, seasoned cryptocurrency trader from the Twitter account @12yearoldwithcc thinks the potential listings are lackluster. The account tweeted today that “Coinbase is in its era of failure.”
Coinbase is in their flop era pic.twitter.com/4T6SFehSFG
— 12 year old with a credit card (@12yearoldwithcc) April 11, 2022
Other investors may not even have noticed Coinbase’s new transparency efforts yet, as many are focused on the exchange’s intention to produce a three-movie series about Bored Ape Yacht Club’s collection of non-fungible tokens (NFTs). (BAYC).
some in the crypto community are perplexed by the $10,000 deal Coinbase has offered to BAYC holders for the rights to use their ape in moviesand some even warn They shouldn’t accept it.
With everything, already It has been a turbulent week for the exchange as it launched trading services in India for the first time on April 8, but abruptly suspended buy order services under pressure from local regulators. of payment services on April 11.
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