CoW Protocol (COW) Token Surges 14% After Coinbase Listing

The native token of an Ethereum (ETH)-based decentralized exchange (DEX) is on the rise after being listed on the top US crypto exchange by trading volume.

Coinbase has added support for the native token of an Ethereum (ETH)-based decentralized exchange (DEX).

The exchange announced the listing of CoW Protocol (COW) on Tuesday, revealing that the token will be available to trade against the US dollar (USD).

“We're excited to announce the addition of COW to the Coinbase family. COW is the native token of CoW Protocol, an Ethereum Layer-2 decentralized exchange.

Trading will begin on or after 9 a.m. PT on September 24th, 2024, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our COW-USD trading pair will launch in phases. Support for COW may be restricted in some supported jurisdictions.”

At the time of writing, COW is trading at $0.31. The token surged from a low of $0.28 after the Coinbase listing announcement.

Meanwhile, the project says that the Coinbase listing will help the ecosystem in several ways.

“CoW DAO’s (decentralized autonomous organization) mission is to make DeFi (decentralized finance) safe and seamless FOR ALL.

The Coinbase listing helps by:

In sum, joining Coinbase enables CoW DAO to do more and go further with user-protective products like CoW Swap, CoW AMM ( automated market maker) and MEV Blocker.”

According to the CoW Protocol website, the protocol “is a fully permissionless trading protocol that leverages batch auctions as its price finding mechanism.”