The highest 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 targeted primarily on crypto derivatives and perpetuals.
“dYdX is now stay on http://coinbase.com and within the Coinbase iOS and Android apps. Coinbase prospects can log in to purchase, promote, convert, ship, obtain or retailer these property.”
Information from Coinbase reveals that following the announcement, COSMOSDYDX noticed a burst of worth motion, going from a every 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 primarily based on Ethereum (ETH), it migrated over to ATOM because it affords higher customizability choices geared towards derivatives contracts.
“The dYdX Chain is a sovereign layer-1 blockchain, which means it doesn’t depend on Ethereum or another base layer for execution, safety, or governance. As an alternative, 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. As an alternative of deploying sensible contracts to a general-purpose chain like Ethereum, groups can outline a blockchain from scratch – selecting which modules to incorporate, how one can deal with state transitions, and how one can improve protocol logic.”
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