There is blood on the crypto streets at the moment. However, that has not hindered Coinbase from delaying its launches. A few hours ago, the team revealed its plans to add support to pre-launch markets on Coinbase International Exchange and Coinbase Advanced.
However, it should be noted that eligible users only outside the US, UK, and Canada will have access to the pre-launch markets. For context, traders can trade perpetual futures contracts for tokens that are yet to launch on pre-launch markets.
With respect to the nitty-gritty like leverage, the team revealed,
“Our pre-launch markets will offer traders the opportunity to participate in price discovery of upcoming projects. Eligible traders are able to open long or short positions on an unlaunched token with up to 2x leverage.”
Base Roars Alongside
Coinbase’s native layer-2 platform Base has also been faring quite well from the fundamental perspective. Data from a Dune dashboard revealed that the number of Base DEX trading users has been consistently growing. They recently reached a record high of 267k.
By doing so, Base DEX trading users have now outnumbered BNB Chain users. At the moment, Base is second only to Solana.
Parallelly, a Token Terminal dashboard brought to light that the contract deployers on Base are significantly higher when compared to its other peers like ZKsync, Arbitrum, Blast, and Manta Pacific.
In fact, the applications being built on top of Base have also been faring well. Token Terminal pointed out,
“FAT APPLICATIONS ARE COMING. Aerodrome, a Base-native DEX, generates more fees than the underlying L2.”
Alongside, several interesting projects have also been setting base on Coinbase’s layer-2. A few hours back, for instance, a new project called time.fun was unveiled that intends to help users tokenize their time, in minutes. Fans can ultimately trade and redeem time. Whenever people trade their time, users will be entitled to earn ETH via trading fees and redemption.
This project has already managed to grab the eyeballs of Ansem and Helius Labs’ Mert Mumtaz, who feel this project is “pretty cool.”
