- Coinbase has released a new listing roadmap, provoking rallies in an Ethereum-based altcoin and another Arbitrum-based project.
- Cross-chain bridge Multichain (MULTI) and Arbitrum-based stablecoin issuer and DeFi developer Sperax (SPA) will soon list on Coinbase.
- Featuring on the roadmap indicates potential of the two altcoins, hence the exchange’s consideration to list them.
Coinbase, an American exchange, has released a new listing roadmap causing these two altcoins to rally, an Ethereum (ETH)-based altcoin and a low-cap Arbitrum (ARB)-based project.
Asset added to the roadmap today: Sperax (SPA) https://t.co/rRB9d3hSr2
— Coinbase Assets (@CoinbaseAssets) April 18, 2023
Based on the announcement, Coinbase would be integrating cross-chain bridge Multichain (MULTI) and Arbitrum-based stablecoin issuer and decentralized finance (DeFi) developer Sperax (SPA) to its listing roadmap.
Following the announcement, MULTI soared 12.6% from a 24-hour low of around $10.70 to an intra-day high of $12.05, barely hours after Coinbase’s Twitter post went up. However, the altcoin has since retraced to trade at $10.88 at the time of writing.
MULTI/USDT 1-day chart
The Multichain ecosystem is a cross-chain platform where users can conveniently bridge tokens across multiple blockchains. Based on latest data, the platform currently supports up to 74 chains.
On the other hand, SPA, an Arbitrum-based stablecoin issuer and DeFi developer reacted to the listing news with an uptick of around 70%, exploding from its 24-hour low of $0.00540 to an astonishing $0.00782 within minutes post-listing announcement.
SPA/USDT 1-day chart
While Sperax also pulled back shortly after, it regained momentum to secure a market valuation of around $0.00730 at the time of writing, denoting an increase of over 39% in the last 24 hours.
The Sperax ecosystem is reputed for developing a pioneer auto-yielding stablecoin. Speaking on the stablecoin, crypto analytics platform Messari said,
“It combines the scalability benefits of algorithmic stablecoins with the stability benefits of collateralized stablecoins.”
Why a Coinbase listing was an “event” for MULTI and SPA
Securing a listing on a large cryptocurrency exchange is a big deal for any project as such events can often determine a make-or-break level for the adoption and market impact of the concerned coin. Moreover, being listed on one exchange relative to another could mean the difference between one hundred thousand and ten million customers. This explains why it is of utmost significance that a crypto project, new and old alike, secures a listing spot with top-tier exchanges like Binance or Coinbase.
Notably, a project could have a lot of potential but may fail to reach this potential simply because of a lack of exchange listings.
While featuring on Coinbase’s roadmap does not guarantee that Multichain and Sperax will be listed, it indicates that the largest crypto exchange in America has seen their potential and may support MULTI and SPA in the future.
Notably, Coinbase exchange developed a new roadmap system in an attempt to foster transparency in its listing processes while preventing inside trading.
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