- Across Protocol’s native token, ACX, sees a surge following Coinbase’s announcement of its listing.
- The coin experienced a significant price hike amid the exchange’s strategic listing plans.
- Coinbase has labeled ACX as “experimental” due to potential market risks.
The listing of Across Protocol (ACX) on Coinbase has sparked significant interest, seeing its value rise notably in the market.
Coinbase Lists ACX for Trading on Ethereum Network
In a surprising move, Coinbase revealed that it will commence trading support for Across Protocol’s native token, ACX, on August 21st, 2024, pending liquidity conditions. The support will initially apply to the Ethereum network, allowing users to trade ACX against USD. This marks a significant milestone for the cross-chain bridge project, reflecting its growing acceptance in mainstream cryptocurrency exchanges.
Market Reaction to Coinbase’s Announcement
The market’s response was immediate and positive. ACX saw a notable jump from $0.371 to $0.419 within 24 hours, recording an 11% increase. Presently, ACX is trading at around $0.39, an uptick of nearly 25% over the past fortnight. Such movements highlight the market’s enthusiastic reception to the listing news.
Across Protocol: Enhancing Blockchain Interconnectivity
Across Protocol is renowned for its innovative cross-chain bridge, which facilitates the transfer of assets across different blockchains efficiently. The protocol employs intents, allowing users to define the desired outcomes instead of specific execution paths, thereby enhancing transaction flexibility and security. ACX’s listing on Coinbase could streamline the process, making it more accessible and beneficial for users seeking low-cost and secure transfer solutions.
Potential Risks and Coinbase’s Experimental Label
Despite the positive developments, Coinbase has categorized ACX under its “experimental” category. This label warns investors of possible market volatility, reduced trading volumes, and potential order cancellations. These risks stem from the nascent stage of the project and the relatively lower liquidity compared to more established tokens. Investors are advised to exercise caution and conduct thorough research before engaging in trade or investment activities involving ACX.
Conclusion
The addition of ACX on Coinbase marks a significant step for Across Protocol, potentially widening its user base and increasing its market presence. While the market’s response has been overwhelmingly positive, evident from the recent price upsurges, investors should remain mindful of the potential risks associated with “experimental” tokens. The future trajectory of ACX, especially post-listing on a major exchange like Coinbase, will be closely watched by market participants.
