AAve And SNX Skyrocket As Coinbase Adds Them To The Platform

Aave and SNX skyrocket together as Coinbase added them to the trading platform since it was focusing on decentralized finance over the past few months. The rise in decentralized exchange platforms like Uniswap started to take over the market share of the centralized exchanges so let’s take a closer look at the analysis in our altcoin news.

While Coinbase listed other tokens like Uniswap and Compound, there was a lack of other Defi projects that the community loved. The users and investors that were looking to reap the benefits of centralized exchanges, really hoped that the company will list DeFi household names like Aave and SNX, and today, that finally happened. This afternoon, Coinbase revealed that they will be rolling out support for Aave and SNX on their 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.”

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. pic.twitter.com/TFS08obL9z

— Coinbase Pro (@CoinbasePro) December 14, 2020

The Defi coins listed by Coinbase spiked in a matter of minutes. Aave rallied from $86 to new highs of $92 while SNX saw an instant increase of 10%. The two defi coins were the top performers in the top 40 cryptocurrencies by market cap. BNT surged as well by 24% in the past day and pushed into the top 100 crypto assets by market cap in the past rally. Brian Armstrong who is the CEO of coinbase 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.”

According to SEC’s commissioner Hester Peirce however:

 “As this technology gains adoption outside and now inside the legacy financial system, we should figure out a way to embrace the personal liberty principles undergirding it. If we were instead to steamroll the technology’s liberty-enhancing features under the weight of regulation, we would lose a lot of the power of the new technology to afford opportunities to people whose autonomy has previously been curbed by, for example, limited access to the traditional financial system, geographic location, social standing, or subjection to a repressive government.”