Coinbase Sends MORPHO Soaring with Listing Announcement
In an unexpected turn of events, MORPHO surged by nearly 10% following its listing on Coinbase, before facing minor corrections. The renowned exchange recently unveiled MORPHO on its roadmap alongside two meme coins, which initially caused little price impact. However, the actual listings of all three assets resulted in a significant boost in their value.
Excitement continues to brew as MORPHO’s developers revealed that their smart contracts underwent thorough independent vetting and are now live on various major blockchains.
Widely recognized as the leading cryptocurrency exchange in the United States, Coinbase has a long-standing reputation for influencing crypto prices through its listing announcements. This phenomenon, known as the “Coinbase Effect,” has been well-documented with numerous instances supporting its validity.
Just a fortnight ago, Coinbase discreetly added PENGU, POPCAT, and MORPHO onto its listing roadmap, causing a relatively muted response. Upon their actual listing, PENGU and POPCAT experienced substantial gains. Now, it's MORPHO’s moment in the spotlight.
“Coinbase will soon support trading of Morpho (MORPHO) on the Ethereum (ERC-20 token) and Base networks. Trading is scheduled to commence around 9AM PT on 27 February, 2025, subject to liquidity conditions. Once a sufficient supply of this asset is established, trading on our MORPHO-USD trading pair will commence gradually,” announced the exchange via social media.
The listing on Coinbase markedly impacted MORPHO’s trajectory. Despite a commendable performance in January and a notable partnership with Coinbase, the token’s value saw a significant dip at the start of February, only to rebound vigorously following the recent listing.
Morpho’s developers took this opportunity to highlight their latest achievements alongside the Coinbase listing. The company disclosed that its smart contracts are now operational on several prominent blockchains.
These contracts underwent rigorous scrutiny from independent third-party audits, coupled with a $2.5 million bug bounty program. While not the largest in the crypto realm, this bounty is significant and underscores the company's commitment to security and credibility.
These developments underscore Morpho's dedication to transparency and stature in the market. Morpho, a decentralized lending platform operating on Ethereum, aims to optimize lending pools by facilitating seamless peer-to-peer transactions.
The platform boasts of enhancing interest rates for both borrowers and lenders by directly matching liquidity, with underlying lending pools serving as a safety net to ensure security and capital efficiency.
Moreover, the ecosystem includes a robust governance framework, where the native MORPHO token assumes a pivotal role in decision-making and incentivization, fostering a dynamic and participatory community.