Coinbase Introduces New Perpetual Futures
Coinbase, one of the largest cryptocurrency exchanges, is expanding its offering by introducing perpetual future contracts for Cardano, Dogecoin, Chainlink, and Stellar. These contracts allow users to speculate on the future value of these cryptocurrencies without an expiration date. The trading pairs for these contracts will be ADA-PERP, LINK-PERP, DOGE-PERP, and XLM-PERP, and they will be available for customers starting November 30.
Despite the announcement, the market has not experienced significant volatility for these assets. In fact, some of them have seen slight declines in their value. XLM has dropped 5%, while LINK has decreased by almost 6% according to CoinGecko.
Coinbase’s Efforts to Improve Market Liquidity
In addition to adding new tokens, Coinbase has also been delisting certain trading pairs to improve market liquidity. In October, they removed 80 trading pairs from Coinbase Exchange, Advanced Trade, and Coinbase Prime in an effort to consolidate liquidity and enhance overall market health.
Although these trading pairs have been delisted, Coinbase Advanced Trade users in eligible regions can still trade these coins using USDC balances. Prior to this delisting effort, the exchange also suspended trading with several other coins including BOND, DDX, JUP, MULTI, OOKI, and VGX.
Hot Take: Minimal Impact on Market Despite Coinbase’s Expansion
The introduction of new perpetual futures contracts by Coinbase for Cardano, Dogecoin, Chainlink, and Stellar has had minimal impact on the market. While some of these cryptocurrencies have experienced slight declines in value since the announcement, overall volatility has been low. Additionally, Coinbase’s efforts to delist certain trading pairs aim to improve market liquidity and health. It remains to be seen how these changes will affect the trading landscape in the long term.
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