Ethereum-Based Altcoin Project Jumps After Crypto Exchange Coinbase Adds It to Listing
An Ethereum (ETH)-based altcoin is rallying following news that top US crypto exchange Coinbase has added the project to its listing roadmap.
Lido DAO (LDO), a staking service for Ethereum and other blockchain projects, has seen more than a 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 trade on its exchange and announces the additions via Twitter.
Lido DAO and its ERC-20 token LDO aims to allow users to stake ETH without locking assets or maintaining infrastructure. When staking on the platform, users receive Staked Ether (stETH) on a 1:1 basis representing their staked ETH, and stETH balances can be used like regular ETH to earn yield or rewards.
At the time of the Coinbase announcement three days ago, the price of LDO was changing hands near $1.25. At time of writing, LDO is trading at $1.46, an almost 17% increase in price.
The Ethereum-based altcoin has a market cap of $1.01 billion, and is about 80% down from its all time high of $7.30.
Coinbase CEO Brian Armstrong previously said the exchange would list as many crypto assets 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 to get one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are…
My belief is there’s gonna be millions of these assets over time, and so I hope it doesn’t make news every time we add one in the future, basically.”
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