An under-the-radar altcoin is skyrocketing after being added to Coinbase’s listing roadmap.
In a new thread on social media platform X, leading US-based cryptocurrency exchange Coinbase announces the addition of decentralized finance (DeFi) protocol Moonwell (WELL) to its product lineup.
News of the addition sent WELL soaring from a seven-day low of $0.0124 on September 5 to a high of $0.0173 a day later, a gain of about 40%. The crypto asset has since pulled back and is trading at $0.0170 at the time of writing.
Coinbase’s listing roadmap was created in 2022 to increase transparency and prevent early token launches.
Moonwell, which was built on Base — Coinbase’s own blockchain — as well as smart contract parachains Moonbeam (GLMR) and Moonriver (MOVR), launched in 2022 as an open borrowing and lending platform. Moonwell is also interoperable with Ethereum’s (ETH) layer-2 scaling solution Optimism (OP).
Earlier this week, Coinbase also announced that it would be adding support for POL, the highly anticipated rebranding of the Polygon token formerly known as MATIC, to its arsenal of digital assets with an experimental label, meaning it could experience high volatility or low trading volume.
Previously, it was revealed that POL and MATIC would not coexist and that the Polygon community could vote to expand the utility of POL.
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Featured image: Shutterstock/Giordano Aita
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