Coinbase Adds Support for dYdX on Cosmos

The top US-based crypto exchange platform, Coinbase, is adding support for a Cosmos (ATOM)-based decentralized finance (DeFi) altcoin.

In a new thread on the social media platform X, Coinbase announced the addition of the fourth iteration of dYdX (COSMOSDYDX), a DeFi platform built on the interoperability blockchain, primarily focused on crypto derivatives and perpetuals.

> “dYdX is now live on coinbase.com and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive, or store these assets.”

According to Coinbase, COSMOSDYDX experienced significant price movement after the announcement, rising from a daily low of $0.59 to a peak of $0.63 within a day. As of the latest update, the token is trading at $0.62, marking a 3.7% increase for the day.

The project’s official whitepaper states that while dYdX began in 2017 on Ethereum (ETH), it migrated to ATOM for improved customization options tailored to derivatives contracts.

> “The dYdX Chain is a sovereign layer-1 blockchain, meaning it does not rely on Ethereum or any other base layer for execution, security, or governance. Instead, it’s built using Cosmos SDK and secured via CometBFT, giving dYdX full control over its infrastructure – from consensus to governance logic to validator incentives.

> The Cosmos SDK is a modular framework for building application-specific blockchains. Instead of deploying smart contracts to a general-purpose chain like Ethereum, teams can define a blockchain from scratch – choosing which modules to include, how to handle state transitions, and how to upgrade protocol logic.”