Coinbase, a major US cryptocurrency exchange, has added support for COSMOSDYDX, the latest version of the decentralized finance (DeFi) platform dYdX. This DeFi platform, built on the Cosmos blockchain, specializes in crypto derivatives and perpetuals.
dYdX Now Available on Coinbase
The addition of COSMOSDYDX means Coinbase users can now buy, sell, trade, send, and receive the token through the Coinbase website and mobile apps.
Price Surge Following Announcement
Following the announcement, the price of COSMOSDYDX saw a quick jump, rising from $0.59 to $0.63 within a day. While it has since slightly decreased, it’s still up about 3.7% for the day.
Why Cosmos?
dYdX originally launched on Ethereum in 2017. However, the team moved to the Cosmos blockchain because it offers more customization options, particularly beneficial for building complex derivatives contracts. The Cosmos SDK allows for creating a completely independent blockchain, giving dYdX full control over its infrastructure. This is unlike deploying smart contracts on a general-purpose blockchain like Ethereum.