The top US-based crypto exchange platform is adding support for a Cosmos (ATOM)-based decentralized finance (DeFi) altcoin.
In a new thread on the social media platform X, Coinbase says it is adding support for the fourth iteration of dYdX (COSMOSDYDX), a DeFi platform built on the interoperability blockchain focused mainly on crypto derivatives and perpetuals.
[adinserter block="1"]“dYdX is now live on http://coinbase.com and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.”
Data from Coinbase reveals that following the announcement, COSMOSDYDX saw a burst of price action, going from a daily low of $0.59 to a peak of $0.63 just a day later. The token has since retraced and is trading for $0.62 at time of writing, a 3.7% increase on the day.
In its official whitepaper, the developers of the project say that while dYdX started off in 2017 based on Ethereum (ETH), it migrated over to ATOM as it offers better customizability options geared toward derivatives contracts.
“The dYdX Chain is a sovereign layer-1 blockchain, meaning it does not rely on Ethereum or any other base layer for execution, security, or governance. Instead, it’s built using Cosmos SDK and secured via CometBFT, giving dYdX full control over its infrastructure – from consensus to governance logic to validator incentives.
The Cosmos SDK is a modular framework for building application-specific blockchains. Instead of deploying smart contracts to a general-purpose chain like Ethereum, teams can define a blockchain from scratch – choosing which modules to include, how to handle state transitions, and how to upgrade protocol logic.”
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Paopano/Fotomay
