A cryptocurrency supported by crypto hedge fund Pantera Capital is surging following an announcement from top US cryptocurrency exchange Coinbase regarding a potential future listing of the token.
According to a recent statement, Coinbase has revealed that it is including Stader (SD) in its “listing roadmap,” indicating that the exchange may soon introduce support for specific assets.
Upon the release of this news on Tuesday, SD experienced a significant increase in value, rising from a low of $0.39 to $0.70 at the time of writing, marking a gain of over 79%. The token reached a peak of $0.85 before retracting.
SD serves as the native governance and value accrual ERC-20 token for the Stader protocol, a non-custodial, multi-chain liquid staking platform with a maximum token supply of 120 million.
The project is currently conducting a poll on expanding the token’s utility by utilizing the SD Utility Pool to offer insurance coverage for permissioned node operators, ensuring they are only responsible for up to four Ethereum (ETH) in slashing penalties, with any excess covered by the pool.
In 2023, Stader Labs, the project’s development team, secured $4 million in seed funding from Pantera Capital and other prominent investors.
Coinbase states that the listing roadmap was established in 2022 to enhance transparency and mitigate the risk of investors anticipating new trading support announcements.
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