Coinbase Lists Two New Ethereum-Based Altcoin Projects, Sparking Big Rallies

A pair of altcoins are seeing bullish price action after a surprise listing by top US crypto exchange Coinbase.

In an announcement, Coinbase says that multichain interoperability platform Loom Network (LOOM) is live for buying and selling on its main website as well as iOS and Android apps.

Loom Network aims to give developers of decentralized applications (DApps) tools that are both scalable and designed for ease of use.

The project website says,

“With seamless integrations to Bitcoin, Ethereum, Binance Chain, and all major blockchains, deploying once to Loom lets you future-proof your DApp by reaching the largest number of users possible.”

LOOM, the project’s native token secures the Basechain mainnet and can also be used by developers to pay their DApp hosting fees.

News of the Coinbase announcement initially had Loom Network weaving threads of gold as it soared nearly 28% from $0.077 to $0.107, before correcting in several legs down to $0.081. LOOM remains up by 5% overall.

Also getting the green light from Coinbase Pro is the pet-focused Pawtocol, whose native token UPI stands for Universal Pet Income.

Citing problems in pet care such as poor health, deceptive advertising practices and corporate monopolies, Pawtocol aims to harness the power of blockchain technology to revolutionize the industry.

According to the whitepaper,

“Pawtocol was inspired by a shared vision to build a global community of pet parents, service providers, and manufacturers who are unified towards improving pet care.

We have a mission to help pets around the world live longer and healthier lives by empowering pet caretakers with cutting-edge technology and data.”

Animal lovers can earn UPI by sharing data from their pet’s scannable, blockchain-connected tag and then use the token to purchase toys and food.

News of the Coinbase listing has seen Pawtocol fetching impressive gains, initially rallying from $0.09 to $0.15 for a quick 66% gain before correcting. At time of writing, UPI is trading just under $0.12.

Coinbase says that UPI will be available to trade paired with USD and USDT once appropriate liquidity conditions are met.

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FTX Has Integrated Arbitrum. As for Coinbase? Pet Coins

Key Takeaways

  • FTX has added support for the Ethereum Layer 2 solution Arbitrum.
  • The exchange will let users make direct deposits to Ethereum’s Layer 2 without having to bridge assets from mainnet.
  • While Binance and FTX have shown their interest in supporting Layer 2, crypto enthusiasts have slammed Coinbase for showing more interest in pet coins.

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FTX has announced support for Arbitrum withdrawals and deposits. Meanwhile, Coinbase has faced criticism for focusing on small cap coin listings instead of Layer 2 integration. 

FTX Launches Arbitrum Support

Another exchange has added support for Arbitrum.

FTX, the third-largest crypto exchange by volume, announced onboarding support for Arbitrum Tuesday, following on the heels of Binance to adopt Layer 2 Ethereum.

FTX users will now have the option to withdraw ETH purchased on the exchange directly to their Arbitrum mainnet wallets. Previously, users needed to send funds to Ethereum mainnet before bridging them over to Arbitrum, a process that forces users to pay Ethereum’s high gas fees. Likewise, FTX users wishing to send ETH back to the exchange from Arbitrum can now deposit funds directly into their FTX exchange wallets. 

Arbitrum is an Ethereum Layer 2 network that leverages Optimistic Rollups. The network benefits from the security of Ethereum mainnet while reducing gas costs by bundling transactions and posting them to the base chain calldata. For complex transactions like swapping ERC-20 tokens, Arbitrum can currently reduce gas fees by a factor of up to 10. 

According to data from L2Beat, Arbitrum currently holds around $3.4 billion in total value locked, and many of Ethereum mainnet’s most popular DeFi protocols have built on it to make the jump to Layer 2. While fees to use Arbitrum come in at a fraction of those for processing transactions on Ethereum, the high gas cost associated with bridging funds onto the network has acted as a barrier to adoption. However, as centralized exchanges like FTX and Binance build easier, lower-cost onboarding for Arbitrum, it’s likely that more users will be incentivized to use the network. 

While the likes of Binance and FTX have moved fast to add Ethereum Layer 2 support, not all exchanges are following their example. Coinbase, the biggest U.S. exchange, has lagged behind its competitors in adopting Layer 2 in recent months. Prominent crypto community members have widely criticized Coinbase for listing illiquid, small-cap tokens instead of working on native withdrawals for assets such as Fantom and Arbitrum onboarding. 

In response to Coinbase’s latest listing of the pet digital identity token Pawtocol, The Daily Gwei founder Anthony Sassano tweeted out his disappointment in the exchange, stating, “I like Coinbase but their priorities are out of whack on this.” Sassano was joined in the comments by followers who expressed similar views, stating that Coinbase had first announced its intention to launch support for Arbitrum over five months prior but hasn’t updated customers since then. Coinbase has also been slow to unveil its NFT marketplace; Coinbase NFT was due to go live with support for Ethereum NFTs before the end of 2021 but is still yet to launch. 

As Ethereum scaling solutions like Arbitrum gain momentum, exchanges that don’t support onboarding for their customers are at risk of being left behind. On the back of FTX’s Arbitrum announcement, many are already calling for other Layer 2 solutions such as Optimism to receive support next, highlighting public demand for Ethereum Layer 2 onboarding. 

Disclosure: At the time of writing this feature, the author owned FTT, ETH, and several other cryptocurrencies. 

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