In recent months, Coinbase, like many other exchanges, has concentrated on decentralized finance. The growth of decentralized trading networks like Uniswap started to eat at the market share of these centralized exchanges.
However, coins such as Compound and Uniswap were identified by Coinbase, there was a shortage of grassroots projects that many enjoyed in space. In reality, the company was planning to list DeFi household names Aave (AAVE) and the Network Token for users and investors who wanted to take advantage of central exchanges (SNX).
Coinbase announced this afternoon that it will carry out support for DeFi coins AAVE, Bancor (BNT), and SNX on its “Pro” platform: “Starting today, inbound transfers for AAVE, BNT and SNX are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Tuesday December 15, if liquidity conditions are met.”
On top exchanges, AAVE rallied from the $86 level to highs of $92, while SNX saw an immediate 10 percent bump. The two DeFi cryptocurrencies, by market capitalization, were momentarily the top performers in the top 40 cryptocurrencies.
According to newsbtc.com, BNT surged higher as well. In the past 24 hours, BNT has risen by 24 percent, almost breaking through market capitalization in this new surge into the top 100 crypto properties.
Some fears have been shared that DeFi is going to get regulated away. Brian Armstrong, CEO of Coinbase, for instance, recently said:
“Last week we heard rumors that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I’m concerned that this would have unintended side effects, and wanted to share those concerns.”
But according to SEC Commissioner Hester Peirce, some innovation in the space should be protected
Many fear that too much regulation against stablecoins and self-hosted wallets could cause DeFi to lose traction.