Coinbase Adds Support for Decentralized Finance Altcoin Built on Cosmos dYdX (COSMOSDYDX)

The top US-based crypto exchange platform is adding support for a Cosmos (ATOM)-based decentralized finance (DeFi) altcoin.

In a new thread on the social media platform X, Coinbase says it is adding support for the fourth iteration of dYdX (COSMOSDYDX), a DeFi platform built on the interoperability blockchain focused mainly on crypto derivatives and perpetuals.

“dYdX is now live on http://coinbase.com and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.”

Data from Coinbase reveals that following the announcement, COSMOSDYDX saw a burst of price action, going from a daily low of $0.59 to a peak of $0.63 just a day later. The token has since retraced and is trading for $0.62 at time of writing, a 3.7% increase on the day.

In its official whitepaper, the developers of the project say that while dYdX started off in 2017 based on Ethereum (ETH), it migrated over to ATOM as it offers better customizability options geared toward derivatives contracts.

“The dYdX Chain is a sovereign layer-1 blockchain, meaning it does not rely on Ethereum or any other base layer for execution, security, or governance. Instead, it’s built using Cosmos SDK and secured via CometBFT, giving dYdX full control over its infrastructure – from consensus to governance logic to validator incentives.

The Cosmos SDK is a modular framework for building application-specific blockchains. Instead of deploying smart contracts to a general-purpose chain like Ethereum, teams can define a blockchain from scratch – choosing which modules to include, how to handle state transitions, and how to upgrade protocol logic.”

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Featured Image: Shutterstock/Paopano/Fotomay