- Leading cryptocurrency exchange Coinbase has recently announced the addition of Stader (SD) to its coin listing roadmap.
- This announcement has caused significant excitement within the community, highlighting the substantial impact exchange listings can have on cryptocurrencies.
- “The value of the altcoin surged dramatically, drawing attention to the influence of exchange listings on crypto prices,” reported an industry expert.
Discover how the listing of Stader (SD) on Coinbase’s roadmap influenced its market performance and investor interest.
Coinbase Adds Stader (SD) to Its Listing Roadmap, Token Price Soars
Coinbase, a premier cryptocurrency exchange, has officially included Stader (SD) on its coin listing roadmap. This pivotal announcement has triggered a notable surge in the token’s value, underscoring the significance of such listings in the volatile crypto market. Stader (SD) serves as the primary cryptocurrency within the Stader Labs platform, playing a crucial role in governance and transaction payments within the ecosystem.
Immediate Market Reaction
Following Coinbase’s announcement, the price of Stader (SD) experienced a remarkable ascent, amplifying more than twofold to reach as high as $0.8507. Despite subsequent sell-offs causing a partial decline, the token has continued to perform impressively, trading at $0.614 — a more than 51% daily increase at the time of writing. The news spurred heightened trading activity for Stader, with its 24-hour trading volume soaring by an astounding 643% to $9.87 million. With a circulating supply of 41 million SD tokens, Stader’s market capitalization stands at approximately $25 million, reflecting the substantial impact of Coinbase’s endorsement on its market dynamics and investor enthusiasm.
Stader’s Evolution in the DeFi Space
Stader is not just making headlines with its Coinbase listing. The platform’s ETHx token became a significant player in December 2023 when it was approved for restaking on EigenLayer, marking it as a prime liquid staking token (LST). This move, effective from December 18, 2023, aims to maximize rewards and enhance the staking experience for ETHx holders. Additionally, in June, Stader integrated Chainlink CCIP into both Ethereum and Arbitrum mainnets. This integration leverages CCIP’s Simplified Token Transfer features to facilitate secure cross-chain transfers of ETHx, boosting its adoption within the broader DeFi ecosystem. Moreover, Stader sponsors the ETHx/ETH Chainlink Price Feed on Ethereum to further drive ETHx adoption.
Current TVL Status and Future Outlook
According to data from Token Terminal, Stader’s current Total Value Locked (TVL) stands at $474.74 million, down from its peak of $706.84 million on March 13. Despite this decline, the recent inclusion in Coinbase’s roadmap signals renewed investor confidence and potential for further growth within the crypto community. The move is seen as a vote of confidence in Stader’s potential and promises greater adoption and expansion.
Conclusion
The inclusion of Stader (SD) in Coinbase’s listing roadmap has sparked significant interest and price activity, demonstrating the powerful influence of major exchanges on cryptocurrency valuations. Stader’s innovative strides within the DeFi space and the ongoing support from major entities like Coinbase highlight its potential for future growth. Investors and market participants will be watching closely to see how Stader leverages this new momentum to further its position in the competitive landscape of digital assets.
