An under-the-radar altcoin is skyrocketing after being added to Coinbase’s listing roadmap.
In a new thread on the social media platform X, top US-based crypto exchange platform Coinbase is announcing the addition of decentralized finance (DeFi) protocol Moonwell (WELL) to its suite of products.
News of the addition sent WELL flying as it went from a seven-day low of $0.0124 on September 5th to a peak of $0.0173 just a day later, a gain of about 40%. The crypto asset has since retraced and is trading for $0.0170 at time of writing.
Coinbase’s listing roadmap was created in 2022 to increase transparency and prevent the front-running of token launches.
Moonwell, which was built over Base – the blockchain of Coinbase itself – as well as smart contract parachains Moonbeam (GLMR) and Moonriver (MOVR), launched in 2022 as an open borrowing and lending platform. Moonwell is also interoperable with Ethereum (ETH) layer-2 scaling solution Optimism (OP).
Earlier this week, Coinbase also announced that it would be adding support for POL, the highly anticipated rebrand of the Polygon token formerly known as MATIC, to its arsenal of digital assets with an experimental label, meaning it could experience high volatility or low trading volume.
Previously, it was disclosed that POL and MATIC would not coexist and that the Polygon community could vote to expand the utility of POL.