Coinbase Pro Supports Four More ERC-20 Tokens: MANA, CVC, DNT, LOOM, and DNT


On Friday (7 December 2018), crypto exchange Coinbase announced that it had listed four more ERC-20 tokens—Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA)—on Coinbase Pro, its platform for professional/experienced traders.

On 26 March 2018, Coinbase announced that it intended to “support the Ethereum ERC20 technical standard for Coinbase in the coming months.” Following successful launches of three such ERC-20 tokens—0x (ZRX), Basic Attention Token (BAT), and its own 1:1 dollar-collateralized stablecoin USD Coin (USDC)—Coinbase has added support for four more ERC-20 tokens: CVC, DNT, LOOM, and MANA.

And to answer all those people who are wondering why some more ERC-20 tokens were being added instead of their much more popular favorite token/coin, Coinbase has this to say:

“Our decision to add ERC20 tokens first is based on the relative ease of integrating the standard with our existing infrastructure, particularly from a security standpoint. However, as noted in our earlier post, we are exploring the addition of many new assets beyond ERC20 tokens on a jurisdiction-by-jurisdiction basis.”

Coinbase Pro started accepting CVC, DNT, LOOM, and MANA deposits around 19:00 UTC on December 7th; as with previous new listings, the exchange will continue accepting deposits “for at least 48 hours prior to enabling trading.” And as usual, only when there is sufficient liquidity, “trading will begin on each respective USDC order book”. The jurisdictions currently supported are the U.S. (excluding NY state), Canada, UK, European Union, Singapore, and Australia. Additional jurisdictions may get supported in the future.

Note that only once Coinbase has seen that there are no technical issues with trading of these new assets on its Pro platform, it will consider adding them to Coinbase Consumer (Coinbase.com) or its mobile apps.

In the screenshot below, you can see the new trading pairs (MANA-USDC; DNT-USDC; CVC-USDC; and LOOM-USDC):

As usual, Coinbase is using a four-stage launch process. Each of these stages will be followed independently “for each new order book”. If at any point, one of these new order books fails to meet Coinbase’s standards “for a healthy and orderly market”, they may “keep the book in one state for a longer period of time, or suspend trading.”

The four stages are:

  • Transfer-only. During this stage, which started around 19:00 UTC on December 7th, customers can transfer CVC, DNT, LOOM, and MANA into their Coinbase Pro account. “Customers will not yet be able to place orders, and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.”
  • Post-only. “In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one (1) minute. This market state may be kept short or extended to increase market health during launch.”
  • Limit-only. “In the third stage, limit orders will start matching but customers will be unable to submit market orders. Order books will be in limit-only mode for a minimum of 10 minutes.”
  • Full trading. “In the final stage, full trading services will be available, including limit, market, and stop orders.”

At press time, CVC, DNT, LOOM, and MANA are trading around $0.0572 (up 0.6%), $0.013437 (up 23.41%), $0.047294 (up 9.5%), and $0.055151 (-5.09%) respectively.

Here is the one-day chart for DNT:

DNT - One Day - 7 Dec 2018.png

 

All Images (Except Chart) Courtesy of Coinbase



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