One decentralized finance (DeFi) altcoin is surging after being added to top US crypto exchange Coinbase’s roster of digital assets.
Coinbase says DeFi Yield Protocol (DYP) and five other Ethereum-based altcoins will start trading paired with Tether (USDT) once appropriate liquidity conditions are met.
DeFi Yield Protocol aims to offer users the ability to stake Ethereum (ETH), Binance Coin (BNB) and Avalanche (AVAX) to earn a fixed 25% APR (Annual Percentage Rate).
The project website says DYP is working on a wide scope of products for the decentralized ecosystem, seeking to be “accessible for both beginner and advanced users” through a combination of DeFi, non-fungible tokens (NFTs) and metaverse gaming.
Also joining Coinbase is the data privacy protocol HOPR, which aims to resolve what it calls the Achilles’ heel of Web3 by obscuring metadata to preserve transport layer privacy.
At time of writing, HOPR is in the green by nearly 5% on the day and changing hands for $0.13.
Next up is Math (MATH), a modular blockchain that’s developing a crypto wallet that goes beyond storing tokens by also serving the needs of applications.
Another altcoin joining Coinbase is the blockchain transaction tracking protocol PARSIQ (PRQ), which monitors blockchain events in real-time and provides analytics options for a variety of industries.
The Ethereum-based PRQ token powers the project’s ecosystem. Holders can lend their tokens and earn passive income through staking in liquidity pools.
Elastos (ELA) is a decentralized and community-based ecosystem that’s geared to embrace all of Web 3.0’s potential. The project offers tools for app developers and designed a crypto wallet called Essentials.
Last on the list of new Coinbase assets is Aleph.im (ALEPH), a decentralized cloud computing tool that aims to simplify the implementation process for DeFi and Web3 users.
At time of writing, Aleph.im is off by nearly a percent and priced at $0.25.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/teez/Nikelser Kate