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Ethereum (ETH)-based altcoins are on the rise following news that Coinbase, a top US cryptocurrency exchange, has added the project to its listing roadmap.
Lido DAO (LDO), a staking service for Ethereum and other blockchain projects, saw a price increase of over 16% in the days following Coinbase’s announcement. twitter.
For transparency purposes, Coinbase has added the project to its listing roadmap as a precursor to making it available for trading on the exchange, and will announce the addition on Twitter.
The Lido DAO and its ERC-20 token LDO are intended to allow users to stake ETH without locking assets or maintaining infrastructure. When staking on the platform, a user receives staked Ether (stETH) on a 1:1 basis representing staked ETH and stETH balance can be used to earn yields and rewards just like his regular ETH .
At the time of Coinbase’s announcement three days ago, the price of LDO was hovering near $1.25. At the time of writing, LDO is trading at $1.46, up almost 17% in price.
Ethereum-based altcoins have a market cap of $1.01 billion, down nearly 80% from their all-time high of $7.30.
Coinbase CEO Brian Armstrong previously said the exchange would list as many cryptocurrencies as possible after meeting simple criteria.
“It’s like Amazon, you might have 3 stars or 5 stars on a product, but when you start getting 1 star consistently, it’s probably fraudulent or defective or something and it’s probably Amazon will remove it. Otherwise you’ll want to let the market decide what these are
My guess is that there will be millions of these assets over time, so basically I hope every addition in the future doesn’t make the news.
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