Coinbase Pro to Launch Ethereum-based DeFi Project, UMA Protocol, on Tuesday
- Coinbase Pro is set to add yet another decentralized finance token to its markets.
- UMA Project ranks as the second-largest DeFi project in market capitalization on Coingecko.
After shocking the crypto world in its growth over the past two weeks, UMA Protocol’s native token, UMA, will be listed on Coinbase Pro starting September 4th. According to the launch statement on the Coinbase blog, the token will be supported in all jurisdictions the exchange operates – except New York State.
Coinbase has added a slew of decentralized finance (DeFi) products over the past few weeks as the ecosystem continues to blossom. Coins such as Compound (COMP), Maker (MKR), OmiseGo (OMG), Celo (CGLD) have been listed on the prestigious exchange deepening the liquidity further.
The listing of UMA, similar to the prior listings, will require a deep enough liquid base to launch on Friday, 4th September. If not, the listing will be pushed to 8th September 9 AM Pacific Time (PT).
The exchange will launch trading with UMA/BTC as the only crypto pair and three fiat currencies, i.e. USD, EUR, and GBP pairs. The order books will be released in four phases once the liquidity target is reached – transfer-only, post-only, limit-only, and full trading. A lack of liquidity or malicious trading activity can cause the UMA order book to remain in one stage for a more extended period, Coinbase statement reads.
UMA Project is a decentralized finance protocol that provides a platform to create synthetic assets on the Ethereum network. The official website states the protocol allows any two counterparties to create economically binding and self-enforcing financial contracts.
Coinbase disclosed they received airdropped UMA tokens from UMA Protocol’s parent company, Risk Labs, after an investment in the company back in 2018. The exchange plans to list more DeFi tokens and trading pairs in the coming days as the crypto market grows further.
UMA currently holds the second largest market cap on Coingecko’s decentralized finance list after an impressive 208% surge over the past week. Currently trading at $21.21, UMA has a total market capitalization of $1.3 billion with steady daily trading volumes of $65 million as of Thursday.
In May, BEG reported the UMA project launched an ETH-BTC synthetic token allowing trades of Ethereum relative to Bitcoin’s price.