Decentralized finance altcoin COSMOSDYDX now backed by Coinbase
In a significant move for the DeFi sector, Coinbase has added support for the fourth iteration of dYdX, a popular DeFi platform focused on crypto derivatives and perpetuals. The token, COSMOSDYDX, officially began trading on August 7, 2025, under the COSMOSDYDX-USD pair.
Following Coinbase's announcement, COSMOSDYDX saw a price increase from $0.59 to $0.63. This surge in price reflects positive market sentiment driven by several factors.
Firstly, the enhanced accessibility and liquidity provided by Coinbase's support for the token have contributed to the price rise. The growing institutional interest and investor confidence in Cosmos-based projects and DeFi protocols like dYdX are also significant factors.
The technical advantage gained by dYdX migrating to a sovereign layer-1 blockchain built on the Cosmos SDK is another key factor. This move offers better customizability and control compared to its previous Ethereum base.
Moreover, Coinbase's listing is part of a strategic altcoin expansion and infrastructure readiness, enhancing user trust and ecosystem growth.
Data from Coinbase reveals that COSMOSDYDX is currently trading for $0.62 at the time of writing, a 3.7% increase on the day.
Meanwhile, in other news, hackers have launched an attack on Android users' bank accounts, using rapidly improving malware to steal PIN codes, login credentials, unlock patterns, and record screens. This incident highlights the need for increased cybersecurity measures in the digital age.
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References: 1. [Source 1] 2. [Source 2] 3. [Source 3]
- The listing of COSMOSDYDX on Coinbase, a popular cryptocurrency exchange, has been instrumental in driving the price increase, as the token now benefits from enhanced liquidity and accessibility.
- The surge in interest in and confidence for Cosmos-based projects, such as the DeFi platform dYdX, is reinforced by the migration of dYdX to a decentralized finance (DeFi) ecosystem built on a sovereign layer-1 blockchain, providing better customizability and control.
