Coinbase Adds Support for Decentralized Finance Altcoin Built on Cosmos dYdX (COSMOSDYDX) – The Daily Hodl

Uncover the most recent tendencies within the Web3 area. This article dives into: “Coinbase Adds Support for Decentralized Finance Altcoin Built on Cosmos dYdX (COSMOSDYDX) – The Daily Hodl”.

The high US-based crypto alternate platform is including assist for a Cosmos (ATOM)-based decentralized finance (DeFi) altcoin.

In a brand new thread on the social media platform X, Coinbase says it’s including assist for the fourth iteration of dYdX (COSMOSDYDX), a DeFi platform constructed on the interoperability blockchain centered primarily on crypto derivatives and perpetuals.

“dYdX is now live on and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.”

Data from Coinbase reveals that following the announcement, COSMOSDYDX noticed a burst of worth motion, going from a day by day low of $0.59 to a peak of $0.63 only a day later. The token has since retraced and is buying and selling for $0.62 at time of writing, a 3.7% enhance on the day.

In its official whitepaper, the builders of the challenge say that whereas dYdX began off in 2017 based mostly on Ethereum (ETH), it migrated over to ATOM because it gives higher customizability choices geared towards derivatives contracts.

“The dYdX Chain is a sovereign layer-1 blockchain, that means it doesn’t depend on Ethereum or another base layer for execution, safety, or governance. Instead, it’s constructed utilizing Cosmos SDK and secured by way of CometBFT, giving dYdX full management over its infrastructure – from consensus to governance logic to validator incentives.

The Cosmos SDK is a modular framework for constructing application-specific blockchains. Instead of deploying smart contracts to a general-purpose chain like Ethereum, groups can outline a blockchain from scratch – selecting which modules to incorporate, how to deal with state transitions, and how to improve protocol logic.”

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