Coinbase Pro Expands Trading Options
The professional trading platform Coinbase Pro has made headlines by adding Chainlink (LINK) to its roster of tradable assets. This move comes as part of a blog post released on June 26th, catching the eyes of crypto enthusiasts eager for new opportunities.
New Trading Pairs Available
Coinbase Pro will now offer two trading pairs for LINK. Traders can dive into the market with LINK/USD and LINK/ETH options. However, it’s worth noting that New York residents will have to sit this one out for now, as the token won’t be available in that state.
Phased Rollout for LINK
The exciting part about this launch is that Coinbase Pro plans to introduce LINK in a structured four-phase rollout:
- Transfer-Only: Users can start moving LINK into their Coinbase Pro accounts.
- Post-Only: Limit orders can be posted, but no trades will occur just yet.
- Limit-Only: This phase allows users to wait for their orders to get matched.
- Full Trading: Finally, trading opens up for everyone to jump into the action!
Coinbase Pro has currently only activated the transfer-only phase, with future updates being shared via Twitter. Keep your eyes peeled for more news!
Understanding Chainlink’s Role
For those new to the world of decentralized finance, LINK is an ERC-20 token integral to the Chainlink decentralized oracle network. According to Chainlink’s own whitepaper, LINK tokens are essential for making payments to the Chainlink Node Operators, who facilitate interactions between smart contracts and off-chain data.
“In order for a smart contract on networks like Ethereum to use a ChainLink node, they will need to pay their chosen ChainLink Node Operator using LINK tokens.”
Why Chainlink Matters
The Chainlink network is designed to enhance Ethereum smart contracts by providing them with crucial data inputs from external sources, APIs, and payment systems. By inspecting data from multiple Chainlinks before it triggers a smart contract, the network aims to eliminate single points of failure, ensuring that these contracts remain secure, reliable, and trustworthy.
Coinbase Pro’s Recent Changes
This announcement follows Coinbase Pro’s earlier adjustments in March, where the platform raised fees and introduced a new market structure. It seems the exchange is looking to adapt and evolve within the competitive landscape of cryptocurrency trading while opening doors to innovative assets like Chainlink.
+ There are no comments
Add yours