Coinbase Pro Adds EOS, REP, MKR for Most Jurisdictions

San Francisco-based digital asset exchange, Coinbase has announced that users on Coinbase Pro, a trading platform for professional crypto traders, will support EOS, Augur (REP), and MKR.

However, residents of New York will not be able to buy or sell EOS or REP tokens on Coinbase Pro, the American exchange operator announced on April 9th, 2019. Meanwhile, MKR will “be available in all Coinbase Pro-supported jurisdictions” located outside the US

According to an official blog post published by Coinbase, “additional regions” may be supported for EOS, MKR, and REP “at a later date.”

“After 12pm PT on Monday April 8, we will begin accepting inbound transfers” of EOS , REP, MKR on Coinbase Pro, the privately held crypto exchange noted. It added that deposits in these leading digital assets had been enabled for 12 hours (to ensure adequate liquidity) “prior to enabling trading.”

So far, the price of EOS in particular hasn't seen any major price movements following the announcement last night from Coinbase:

EOSUSD 09.04.19.png

No Fiat Trading Pairs For MKR Yet

The following trading pairs have now been enabled on Coinbase Pro:

  • “EOS-USD, EOS-EUR, EOS-BTC (all Coinbase-supported regions excluding NY),”
  • “REP-USD, REP-EUR, REP-BTC (all Coinbase-supported regions excluding NY),”
  • “MKR-BTC, MKR-USDC (all Coinbase-supported regions outside the US)”

Going on to clarify that EOS, REP, and MKR trading will not be accessible to users on Coinbase.com, the exchange’s blog also briefly explained how each cryptocurrency has been implemented and its main use cases.

Over 200 dApps Launched On EOS

EOS is one of the largest platforms for building enterprise-grade, decentralized applications (dApps). Although over 200 dApps have been launched on EOS, the blockchain-based network is still in its preliminary stages of development. It has experienced several security breaches since launch, but most of these hacks were not directly related to any technical issues or vulnerabilities with the EOS blockchain itself.

As mentioned on EOSIO’s official Github page, the platform offers:

  • “Free Rate Limited Transactions,”
  • “Low Latency Block confirmation (0.5 seconds),”
  • “Low-overhead Byzantine Fault Tolerant Finality,”
  • “Designed for optional high-overhead, low-latency BFT finality,”
  • “Smart contract platform powered by WebAssembly,”
  • “Designed for Sparse Header Light Client Validation,”
  • “Scheduled Recurring Transactions,”
  • “Time Delay Security,”
  • “Hierarchical Role Based Permissions,”
  • “Support for Biometric Hardware Secured Keys (e.g. Apple Secure Enclave),”
  • “Designed for Parallel Execution of Context Free Validation Logic,”
  • “Designed for Inter Blockchain Communication,”

Augur, A Leading Decentralized Prediction Market Platform

The REP token, which is the native cryptoasset of Augur, one of the world’s leading decentralized prediction market platforms, has been increasingly used to place bets on sporting events, the outcome of political elections, etc. However, Augur’s current implementation has critical issues because users have been able to exploit the platform by placing bets on impossible scenarios.

Despite Augur’s present version having these problems, Joey Krug, one of the project’s founders, revealed recently that Augur’s next release will fix these vulnerabilities. Moreover, there are many new projects that support the Augur protocol. Notably, the alpha version of the BlitzPredict betting exchange has been launched and it supports both Augur and the leading 0x protocol.

MKR, A Part Of $400 Million DeFi Platform

MKR is one of the crypto tokens that forms part of the MakerDAO ecosystem. Nearly $400 million has now been locked into Maker’s Ethereum-based contracts. The MakerDAO platform, which consists of the MKR token and also the Dai stablecoin, is currently the largest decentralized finance (DeFi) solution.

Crypto Trading Volumes Plummet in June, CryptoCompare Report Shows

Cryptocurrency trading volumes plummeted in June to “roughly half of the daily volumes” seen in May, according to the CryptoCompare June 2020 Exchange review report.

The report found that top-tier cryptocurrency exchanges, those with a high ranking on CryptoCompare’s Exchange Benchmark,  saw their trading volumes saw their spot trading volumes drop by 36% last month to $177 billion, while lower-tier cryptoassets exchanges saw their trading volumes drop by 53% to $466 billion.

unnamed.pngSource: CryptoCompare

CryptoCompare notes that last month the highest recorded trading volume in a single day on top-tier exchanges was of $9.26 billion. In comparison, in March’s Exchange Review, the cryptoassets data provider revealed that the March 12-13 crypto market crash led to high in daily trading volumes, as $75.9 billion were traded across exchanges in a single day. Top-tier exchanges traded $21.6 billion that day.

It’s worth noting that the spot volumes did not hit an all-time high, even during the March market crash. In July 2019 and December 2017, when the price of bitcoin hit its all-time high near $20,000, spot volumes hit record highs.

In June, cryptoassets trading platforms charging traditional taker fees represented 76% of the total exchange volumes, while those implementing the tans-fee mining (TFM) model represented less than 23% of the cryptocurrency space’s spot volume.

Fee-charging exchanges, the report adds, traded a total of $455 billion in June, as their trading volume dropped 48% since May. Trading platforms using the trans-fee mining model saw their volumes drop 45% since May, as they traded $141 billion.

Exchanges using the TFM model are seemingly gaining market share. While in March they represented less than 20% of the spot trading volume, in June their market share was of 23%.  As CryptoGlobe reported, these trading platforms often have unusually thin order books and low traffic.

FCoin, the cryptocurrency exchanges that started using TFM, has passed trading and withdrawals earlier this year over the shortage of crypto worth up to $130 million. The firm’s founder revealed that the platform was not hacked, but instead an internal system error gave users more rewards than they should have received.

Featured image by Austin Distel on Unsplash.