Little-Known Altcoin Built on Ethereum Explodes 407% As Coinbase Adds It to Listing Roadmap
One decentralized finance (DeFi) altcoin is surging as top US crypto exchange Coinbase puts four new crypto assets on the path to joining its roster.
In an announcement, Coinbase says it plans to add DeFi Yield Protocol (DYP), along with three other altcoins to the trading platform in the future.
Assets added to the roadmap today: Automata Network (ATA), Chain (XCN), DeFi Yield Protocol (DYP), Marlin (POND) https://t.co/zu1IBdrD7X
— Coinbase Assets (@CoinbaseAssets) June 7, 2022
DeFi Yield Protocol offers users the ability to stake Ethereum (ETH), Binance Coin (BNB) and Avalanche (AVAX) to earn a fixed 25% APR (Annual Percentage Rate).
The project website says DYP is working on a wide scope of products for the decentralized ecosystem, seeking to be “accessible for both beginner and advanced users” through a combination of DeFi, non-fungible tokens (NFTs) and metaverse gaming.
DYP partners include Chainlink, Avalanche and Coin98.
DeFi Yield Protocol is currently ripping by 45.8% to the upside on the day and trading for $0.185. At one point, DYP was up 407% on the initial news from Coinbase.
Also slated to later join the Coinbase roster is Marlin (POND), a high-performance layer-zero blockchain network that’s geared toward delivering high-quality infrastructure for the decentralized web.
Calling itself “the unglamorous underbelly of the decentralized economy,” Marlin seeks to provide crucial solutions for scaling and user privacy.
The Marlin Foundry offers users the ability to leverage bandwidth and launch several types of networks.
Marlin is also up big today, in the green by 13.74% and changing hands for $0.01155.
Next on the Coinbase roadmap is the Ethereum-based cloud blockchain protocol Chain, whose native token XCN provides governance and utility.
The company recently announced that it is continuing to hire new employees despite widespread stagnation in the crypto markets, plus Chain said it had burned a staggering $2.6 billion worth of XCN, more than 22% of the token’s total supply, under a new governance shift.
Chain is currently down by 1.52% with a trading price of $0.158.
Last on the list of future Coinbase assets is the privacy-focused Automata (ATA) which provides middleware for decentralized applications (DApps) in the Web 3.0 environment.
According to the project website, Automata offers several products,
“Conveyor (a MEV [Maximal Extractable Value] Minimization solution), Witness (a customizable voting service for decentralized applications) and Librarian (do-not-track indexing).”
Project partners include Avalanche, Astar (ASTR) and Polygon (MATIC).
Automata is also experiencing a big rally today, up by 30.74% and trading for $0.199.
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