The native crypto token of DeFi Yield Protocol DYP/USD surged on Tuesday following its itemizing on Coinbase World Inc COIN.
What Occurred: DYP rallied 80% to a five-month excessive of $0.43 after crypto alternate large Coinbase listed the token on its buying and selling platform.
Coinbase will add assist for DYP, ALEPH, HOPR, MATH, PRQ, and ELA with the Experimental label. Study extra in regards to the Experimental label right here: https://t.co/MBMBbYyZ7S
— Coinbase Belongings (@CoinbaseAssets) June 21, 2022
Coinbase mentioned it was including assist for DYP and 5 different crypto belongings underneath the “experimental” label.
“We’ve added an Experimental asset label to sure tradable belongings which might be both new to our platform or have comparatively low buying and selling quantity in comparison with our broader crypto market,” defined Coinbase in a blog post.
“We encourage you to train warning with these belongings as they arrive with sure dangers, together with value swings and canceled orders related to decrease quantity and availability.”
As per knowledge from CoinMarketCap, DYP had a each day buying and selling quantity of $7.3 million at press time, up 528% within the final 24 hours. To place this into perspective, the main digital asset Bitcoin BTC/USD had a each day buying and selling quantity of $28 billion on the similar time.
Final 12 months, Coinbase CEO Brian Armstrong mentioned that the alternate plans to list each crypto asset that met its authorized and security requirements.
“However usually, one shouldn’t take being listed on Coinbase as an endorsement of that asset (outdoors of assembly our minimal requirements),” mentioned Armstrong on the time.
Information from crypto knowledge platform Messari reveals that the majority smaller cap crypto belongings are likely to rally considerably following an inventory on the crypto alternate, in a phenomenon that has been dubbed “the Coinbase impact.”
See Additionally: HOW DOES COINBASE MAKE MONEY?
