The leading US-based cryptocurrency exchange platform is now supporting a Cosmos (ATOM)-based decentralized finance (DeFi) altcoin.
In a recent announcement on the popular social media platform X, Coinbase stated that it is integrating the fourth version of dYdX (COSMOSDYDX), a DeFi platform that focuses on crypto derivatives and perpetuals built on the interoperability blockchain.
“dYdX is now available on coinbase.com as well as on the Coinbase iOS and Android apps. Coinbase users can now easily buy, sell, convert, send, receive, or store these assets.”
Data from Coinbase shows that following the announcement, COSMOSDYDX experienced a surge in price, rising from a daily low of $0.59 to a peak of $0.63 within a day. Currently, the token is trading at $0.62, marking a 3.7% increase for the day.
According to the official whitepaper of the project, the developers mentioned that dYdX initially began on Ethereum (ETH) in 2017 but transitioned to ATOM due to its superior customization options tailored for derivatives contracts.
“The dYdX Chain functions as a standalone layer-1 blockchain, eliminating the need for reliance on Ethereum or any other base layer for execution, security, or governance. It is constructed using Cosmos SDK and secured through CometBFT, granting dYdX complete autonomy over its infrastructure – from consensus and governance logic to validator incentives.
The Cosmos SDK serves as a flexible framework for developing specialized blockchains. Rather than deploying smart contracts on a general-purpose chain like Ethereum, teams can establish a blockchain from scratch – selecting modules, handling state transitions, and updating protocol logic as needed.”
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