TL;DR Breakdown:
- Coinbase has listed DeFi protocol AAVE, Bancor, and Synthetix tokens on their trading platform.
- The token should be available for trading today if all the liquidity conditions are met.
The leading digital currency exchange in the United States, Coinbase hasn’t wind-up its trading support for decentralized finance (DeFi) protocol tokens. A recent announcement confirmed that the exchange is adding support for three in-demand DeFi tokens – Aave (AAVE), Synthetic (SNX), and Bancor (BNT). Already, the exchange supports many tokens from decentralized finance space, including Wrapped Bitcoin (WBTC), Uniswap (UNI), Compound (COMP), Band (BAND), among others.
Coinbase Pro to begin AAVE, SNX, and BNT trading
Per the announcement, the tokens were made available yesterday on Coinbase Pro, enabling users to transfer the tokens into their accounts ahead of the trading. Provided the liquidity conditions are attained; these are expected to start trading on the platform by 9:00 AM, Pacific Time. The addition of DeFi tokens on exchanges supports more adoption and participation in the nascent industry.
These cryptocurrencies added on Coinbase can be traded against the leading crypto Bitcoin (BTC), and fiat currencies such as the US dollar, Euro, and the British Pound, that’s if enough supply is established on the exchange. Also, the crypto exchange did mention that the order books for the crypto trading will be released in three phases. The first comes as post-only, followed by the limit-only, before the full trading.
Major exchanges enable support for DeFi
Many DeFi tokens have been supported on major exchanges for trading, making access to them easier. Interestingly, the tokens supported on Coinbase are the native digital currencies of popular DeFi protocols. Aave is a decentralized lending, and borrowing platform ranked as the third-largest protocol on DeFi Pulse. The protocol has more than $1.7 billion in assets locked. Bancor is a decentralized exchange, with more than $116 million in assets locked.
Synthetix ranks as the eighth-largest protocol with more than $818 million assets locked.
