Ethereum-Based Altcoin Project Jumps After Crypto Exchange Coinbase Adds It To Listing Roadmap
An Ethereum (ETH)-based altcoin is rallying following news that top US crypto exchange Coinbase has added the project to its roadmap.
Lido DAO (LDO), a staking service for Ethereum and other blockchain projects, has seen a more than 16% price increase in the days following Coinbase’s announcement via Twitter.
For transparency purposes, Coinbase adds projects to its listing roadmap as a precursor to making them available for trading on the exchange and announces the additions via Twitter.
Lido DAO and its ERC-20 token LDO aim to allow users to stake ETH without locking up assets or maintaining infrastructure. When staking on the platform, users receive staked Ether (stETH) on a 1:1 basis representing their staked ETH, and the stETH balances can be used as regular ETH to earn returns or rewards.
At the time of the Coinbase announcement three days ago, the price of LDO was changing hands near $1.25. At the time of writing, LDO is trading at $1.46, a price increase of almost 17%.
The Ethereum-based altcoin has a market cap of $1.01 billion, and is down roughly 80% from its all-time high of $7.30.
Coinbase CEO Brian Armstrong previously said the exchange will list as many cryptoassets as possible after meeting simple standards.
“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts getting one star consistently, it’s probably fraudulent or defective or something, and maybe Amazon will remove it. Otherwise do you want to let the market decide what these things are…
My belief is that there are going to be millions of these assets over time, and so I hope it doesn’t make news every time we add one in the future, really.”
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