Coinbase, the leading US-based cryptocurrency exchange, has announced the addition of Ether.fi (ETHFI) and Bittensor (TAO) to its list of upcoming listings.
ETHFI is a decentralized protocol token that offers innovative liquid staking and restaking solutions for Ethereum. Conversely, Bittensor’s TAO serves various roles within the ecosystem, functioning both as a utility token and a reward mechanism.
The news of Coinbase expanding its listing roadmap to include ETHFI and TAO has ignited a buzz among traders and the crypto community. Coinbase strictly adheres to a set of criteria when considering new assets for listing, focusing on native assets and tokens that comply with supported token standards – a criteria that ETHFI and TAO have met.
In an official update shared on social media platform X (Twitter), Coinbase announced the inclusion of Ether.fi (ETHFI) and Bittensor (TAO) to their listing roadmap, along with the contract addresses for these tokens.
Following a comprehensive evaluation process involving legal, compliance, and technical security standards, Coinbase decided to onboard ETHFI and TAO. Notably, the listing decision was not influenced by the projects' market capitalization or popularity.
The market responded swiftly to the Coinbase listing revelation, propelling the prices of ETHFI and TAO to surge by more than 30% each, which was a common trend observed after tokens are listed on prominent cryptocurrency exchanges. The rally in prices following listing announcements is reminiscent of recent scenarios where tokens like Base token TOSHI experienced a substantial uptrend when added to Coinbase's itinerary.
This pattern of market reaction, often characterized as "buy-the-rumor, sell-the-event," signifies traders' anticipation of increased liquidity and market activity. With Binance and Coinbase being prominent exchanges with high trading volumes, traders find it more convenient to engage in transactions and capitalize on market movements facilitated by enhanced liquidity.
Enhanced liquidity not only spurs price appreciation and reduces price volatility but also fosters accessibility, demand, credibility, and trust within the market. These factors, coupled with the anticipated surge in trading activity, have created an optimistic outlook for traders navigating the cryptocurrency landscape.