The native token of an Ethereum (ETH)-based decentralized exchange (DEX) is surging after being listed on the top U.S. crypto exchange by trading volume.
Coinbase listed the CoW Protocol (COW) on the exchange on Tuesday and the token rose from $0.28 to $0.32, a gain of more than 14% while most markets are down.
“Trading will begin at 9:00 AM PT on September 24, 2024, subject to liquidity conditions being met. Once sufficient supply of this asset is established, trading on our COW-USD trading pair will launch in phases. Support for COW may be limited in some supported jurisdictions.”
COW is trading at $0.31 at the time of writing.
The project says in a tweet that the Coinbase listing will benefit the ecosystem in several ways.
“CoW DAO (Decentralized Autonomous Organization)’s mission is to make DeFi (Decentralized Finance) safe and transparent FOR EVERYONE.
The Coinbase list helps by:
- Making COW more accessible.
- Increase liquidity and reduce price impact.
- Introducing CoW DAO products to new users who are not yet familiar with MEV (Maximum Extractable Value), Intents, or Liquidity Aggregation.
In short, joining Coinbase allows CoW DAO to do more and go further with user protection products like CoW Swap, CoW AMM (automated market maker), and MEV Blocker.
According to its website, CoW Protocol “is a completely permissionless trading protocol that uses batch auctions as its price discovery mechanism.”
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Image generated: Midjourney
