Ethereum-Based DeFi Protocol Rallies After Coinbase Announces Support for Trading

The native token of an Ethereum ( ETH )-based decentralized exchange (DEX) is on the rise after being listed on the top US crypto exchange by trading volume.

Coinbase listed CoW Protocol ( COW ) for trading on Tuesday and the token soared from $0.28 to $0.32, a gain of more than 14% while most of the markets are down.

“Trading will begin on or after 9 a.m. PT on September 24th, 2024, if liquidity conditions are 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 restricted in some supported jurisdictions.”

COW is trading for $0.31 at time of writing.

The project says in a tweet that the Coinbase listing will benefit the ecosystem in a number of ways.

“CoW DAO’s (decentralized autonomous organization) mission is to make DeFi (decentralized finance) safe and seamless FOR ALL.

The Coinbase listing helps by:

• Making COW more accessible.
• Increasing liquidity and reducing price impact.
• Introducing CoW DAO products to new users not yet familiar with MEV (maximal extractable value), intents or liquidity aggregation.

In sum, joining Coinbase enables CoW DAO to do more and go further with user-protective products like CoW Swap, CoW AMM ( automated market maker) and MEV Blocker.”

According to its website , CoW Protocol “is a fully permissionless trading protocol that leverages batch auctions as its price finding mechanism.”

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