Every time Coinbase announces a new slate of digital assets under review, it makes the news. According to an announcement on June 12, Coinbase is exploring 18 new assets for possible support on its platform.
The final listing of these assets on the platform is subject to significant technical and compliance reviews. The assets under review for Coinbase listing in alphabetical order are:
Aave, Aragon, Arweave, Bancor, COMP, DigiByte, Horizen, Livepeer, NuCypher, Numeraire, KEEP Network, Origin Protocol, Ren, Render Token, Siacoin, SKALE Network, Synthetix, and VeChain.
Coinbase will gauge the home projects of these 18 assets on three primary factors:
- Security
- Compliance
- Alignment of the mission to create an open financial system for the world
It must be noted that the new assets may not be available in all jurisdictions. That is because local regulations play an important role in the final listing.
We took a deeper look at these projects to see what makes them Coinbase worthy.
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DigiByte
Official Website: https://digibyte.io/
Ticker: DGB
Age of the project: 6 years
The problems it solves
Just like any other altcoin, Digibyte was created to overcome certain shortcomings of its bigger brother, Bitcoin. The major issue Digibyte intends to solve is cybersecurity threats. DigiByte is architectured in a way that ensures complete security of things, information, and resources.
Currently, most of the blockchain projects are failing to deliver complete decentralization. Digibyte aims to provide a fully decentralized system to the world. Moreover, it aims to solve the speed issues of blockchain.
DigiByte is a complete blockchain network and has three different layers. The innermost layer is the decentralized core. The middle layer serves as a public ledger that facilitates the movement of DGB. The top-most layer is for smart contracts, DApps, and customizable tokens.
Stage of Development
DigiByte is a 100% Proof of Work blockchain and uses five algorithms for mining that strengthens its security. It uses mining algorithms SHA256, QUBIT, SKEIN, SCRYPT, and ODOCRPYT. At press time, DigiByte has mined 11022099 blocks. Provisioned with real-time difficulty adjustment, it prevents mining centralization and hash power fluctuations.
Furthermore, DigiByte claims to be 40 times faster than Bitcoin and a DigiByte block occurs every 15 seconds. The latest update from the development team is the DigiAssets. This is basically the top layer of its ecosystem that allows building smart contracts.
Market Cap Dominance: 0.09%
Market Cap Rank: #36
Historical Top: $0.135235 (Jan 06, 2018)
Historical Bottom: $0.00003099 (Jan 14, 2015)
Use Case/Application
Cryptocurrency, governance, voting, e-commerce, cloud-storage, financial institutions, gaming, and more.
Impact of the announcement on coin price
Coinbase listing announcement did not do much good to Digibyte price. But the community is super excited about the potential listing.
Coinbase Listing Probability Score: 8/10
This is because DigiByte is highly focused on security and offers most of the avenues to create an open financial system for the world.
2. Sia(Siacoin)
Official Website: https://sia.tech/
Ticker: SC (Siacoin)
Age of the project: 5 years
The problems it solves
The existing set-up of centralized cloud databases poses many problems. To list a few, the data storage costs are high, the profit of the ecosystem goes only to the big corporations that own these databases, the risk of attack is high and sometimes the data is not encrypted. Siacoin wants to take away this control from a few big corporations. In simple words, it means anyone with some extra drive space must be able to rent it out. And for that, he/she must be incentivized to provide their drive space.
To ensure complete security of the user data and information, Sia segments the data and stores it in different storage devices. All the data is encrypted using the Two-fish algorithm and only the user has the decryption key.
Stage of Development:
Sia was one of the first projects to use blockchain for non-financial purposes. In June 2019, Sia was production-ready as a reliable backup solution. That is when it launched v1.4.0 with metadata backups. With the v1.4.1 it introduced Seed-Based File Recovery to further streamline the process.
In Feb 2020, Sia launched a content distribution and file-sharing network known as Skynet. Team Nebulous, the developers of Sia network claim that till now almost 1000 to 2000 users have onboarded Sia, and over four petabytes of data have been stored across over 1 million storage smart contracts.
Market Cap Dominance: 0.06%
Market Cap Rank: #49
Historical Top: $0.092868 (Jan 06, 2018)
Historical Bottom: $0.00001262 (Dec 28, 2015)
Use Case/Application:
Siacoin can be used as a cryptocurrency and the platform users can rent their extra storage on Sia. Also, the Sia platform can be used to store data in a cheaper and more secure manner.
Impact of the announcement on coin price:
Since the Coinbase announcement, Siacoin is up by 47.4%.
Coinbase Listing Probability Score: 7/10
Siacoin’s security set up is very robust but the project is focused completely on data storage.
Note: Coinbase is not considering the listing of Siafund(revenue-generating token of Sia).
3. VeChain
Official Website: https://www.vechain.org/
Ticker: VET
Age of the project: 5 years
The problems it solves
VeChain is a blockchain solution that gives enterprises and users a way to track their products in the supply chain. It digitizes the supply chain by combining the power of blockchain and IoT. It provides consumers a full-proof way to make sure the products they are buying are authentic and handled in accordance with the standards. With a unique id tag attached to each product, VeChain provides a simple app to validate the information of the product. Thus it can help fight counterfeiting, gain consumer trust, and optimize the supply chains.
But there is more as VeChain will also support ICO’s, DApps, and smart contracts in the future.
Stage of Development
The VeChain mainnet was launched back in June 2018 and it runs on Proof of Authority (PoA) consensus model. Such a consensus model prevents centralization in the sense that it gives no advantages to the rich nodes. Also, it does not require the nodes to compete with each other and averts wastage of resources. Such a set-up ensures efficient bandwidth usage, hence higher throughput. Thus VeChain is a highly scalable network and proponents claim it is 11 times faster than ETH.
Currently, the development team is working on the next version of Proof of Authority called PoA 2.0. This will make the VeChain network more secure and stable. Recently, it also adopted a more flexible governance model to meet the needs of network users.
VeChain is one of the most active projects in creating partnerships. By the middle of 2019, it had onboarded 31 partners. A few of these were Price Waterhouse Cooper (PwC), Walmart China, Australia’s leading wine producer Penfold and more.
Market Cap Dominance: 0.20%
Market Cap Rank: #25
Historical Top: $0.02637160(Jul 30, 2018)
Historical Bottom: $0.00191713(Mar 13, 2020)
Use Case/Application
Traceability, anti-counterfeiting, intellectual property management, food-safety, product-lifecycle and more
Impact of the announcement on coin price
We notice that in the last 6 days VET has not shown much in the way of gains. But after a sudden price crash on Monday, it recovered and is now trading close to the pre-announcement levels.
Coinbase Listing Probability Score: 6/10
With the kind of partnerships VeChain has acquired, we expect it to meet most of the compliance standards. Once the DApps and smart contracts are developed it might be suitable for serving the financial world also. But, security is still a concern for VeChain. We will have to wait for PoA 2.0 release to see what has been fixed.
4. Synthetix
Official Website: https://www.synthetix.io/
Ticker: SNX
Age of the project: 3 years
The problems it solves
Built on Ethereum, Synthetix is one of the most interesting DeFi projects. It is a distributed asset issuance protocol on blockchain for the creation of synthetic assets. These synthetic assets are capable of tracking the prices of assets like currencies, equities, bonds, commodities, or even other cryptocurrencies.
Stage of Development
The locked up SNX tokens are used to create Synths. Currently, the platform supports trading of Synths and inverse Synths against some major currencies. These are euro, yen, pound sterling, U.S. dollar, Australian dollar, Swiss franc, and others.
Apart from this, it supports trading of gold, silver, BTC, ETH, XRP, LINK and TRX.
Market Cap Dominance: 0.05%
Market Cap Rank:#61
Historical Top: $1.56(Nov 28, 2019)
Historical Bottom: $0.03478640(Jan 06, 2019)
Use Case/Application
Provides on-chain exposure to real-world commodities, indices, stocks, and currencies.
Impact of the announcement on coin price
In last 6 days, SNX has gained almost 22.9%.
Coinbase Listing Probability Score: 6/10
In the last 3 years, Synthetix has come a long way. The pace at which it has been adding support for a wide range of assets indicates strong potential. As a Defi project, its mission is completely in alignment with the Coinbase mission.
5. Aave
Official Website: https://aave.com/
Ticker: LEND
Age of the project: 3 years
The problems it solves
Aave has carved out a significant place in the Defi lending market in 2020. This is because it lets users lend or borrow a diverse range of cryptocurrencies using both stable and variable interest. The aim is to back the market with strong liquidity and offer protection against smart contract risk.
Stage of Development
Aave protocol was launched early this year. It comes with cool features like flash loans that allow instant and easy borrowing without collateral.
Market Cap Dominance: 0.06%
Market Cap Rank:#52
Historical Top: $0.394217(Jan 07, 2018)
Historical Bottom: $0.00329759(Aug 18, 2019)
Use Case/Application:
Defi lending
Impact of the announcement on coin price
Since the possible Coinbase listing announcement, LEND has gained 47.7%.
Coinbase Listing Probability Score: 6/10
The project is in good shape. By making lending easy it will help create an open financial system with a strong focus on security.
6. Ren
Official Website: https://renproject.io/
Ticker: REN
Age of the project: 1+ year
The problems it solves
This exciting Defi project was previously known as Republic Protocol. The platform seeks to bring high-grade privacy and interoperability between blockchains.
Stage of Development
2019 was a remarkable year for Ren. The project shifted its vision to free movement of value on blockchains. And to facilitate that it moved from decentralized dark pools to decentralized interoperability for blockchains. It developed SubZero, the first version of the RenVM mainnet, and released it on the 27th of May 2020.
In 2020, the focus till now has been to strengthen the Ren alliance. The Ren alliance has over 50 members that include Kyber Network, Matic, Polychain Capital, and IDEX. Primarily, it will help in the development of RenVM and increase its utility and security.
Market Cap Dominance: 0.04%
Market Cap Rank: #68
Historical Top: $0.147233 (Aug 05, 2019)
Historical Bottom: $0.01548000 (Feb 25, 2019)
Use Case/Application:
Removes liquidity silos with blockchain interoperability.
Impact of the announcement on coin price
Since the possible Coinbase listing announcement, the token has gained 39.8%.
Coinbase Listing Probability Score: 5/10
As a Defi project REN is a potential candidate to be part of the final Coinbase listing. But the project is very new and is yet to prove its longevity.
7. Bancor
Official Website: https://www.bancor.network/
Ticker: BNT
Age of the project: 4 years
The problems it solves
It supports the swap of ERC-20 and EOS tokens across nearly 10,000 token pairs. Moreover, it makes this achievable with a single click.
Stage of Development
In Q3 of 2019, Bancor released an exhaustive roadmap for the next 6-12 months. According to the roadmap, the team is currently working on Community Staking, a BNT stablecoin pegged to USD, BNT airdrop, BNT governance, and BNT 0% inflation.
Market Cap Dominance: 0.02%
Market Cap Rank:#109
Historical Top: $10.72(Jan 09, 2018)
Historical Bottom: $0.120935(Mar 13, 2020)
Use Case/Application:
Token exchange
Impact of the announcement on coin price:
BNT witnessed a 4.1% price pump after the possible Coinbase listing announcement.
Coinbase Listing Probability Score: 5/10
Bancor has seen a lot of technical development in the last 6-12 months. All these developments bring it closer to Coinbase’s mission to support an open financial world. But lately, it had to deal with some legal issues.
8. Horizen
Official Website: https://www.horizen.global/
Ticker: ZEN
Age of the project: 3 years
The problems it solves
Horizen is a massively scalable blockchain platform. It enables businesses and developers to quickly develop customized private or public blockchains. Using Horizen, blockchains can be developed quickly and at affordable rates.
Stage of Development
2019 has been a year of improvement for Horizen blockchain. Recently, the Sidechain nodes went live on the testnet. Now in 2020, the project aims to release Sidechain Beta for massive scalability.
Market Cap Dominance: 0.03%
Market Cap Rank: #95
Historical Top: $65.14 (Dec 31, 2017)
Historical Bottom: $3.26 (Oct 17, 2019)
Use Case/Application
Easy, quick, and affordable development of customizable blockchains.
Impact of the announcement on coin price
Since the announcement, the ZEN token price is down by 1.2%.
Coinbase Listing Probability Score: 5/10
In the last 3 years, the project has made noteworthy developments. With the promises it makes to simplify blockchain development, it is definitely a strong contender in the list.
9. Aargon
Official Website: https://aragon.org/
Ticker: ANT
Age of the project: 4 years
The problems it solves
Aragon is a project on Ethereum blockchain. The aim is to offer a governance solution for tokens issued on the Ethereum platform. It enables easy operations, management of structures, and the distribution of funds.
Stage of Development
The Aragon Network launch is underway and will be executed in three phases. These phases will introduce more advanced technology to Aragon Network and Aragon Court. While phase 1 and 2 are complete, in phase 3 Aragon Network DAO will be launched. This will hand over the complete governance control to ANT holders.
Market Cap Dominance: 0.02%
Market Cap Rank: #120
Historical Top: $8.02 (Jan 07, 2018)
Historical Bottom: $0.301888 (Nov 27, 2018)
Use Case/Application
Creation and management of decentralized organizations.
Impact of the announcement on coin price
We notice a 10.45% price pump in ANT token price in the last 7 days
Coinbase Listing Probability Score: 5/10
The project has made great progress, even during the bear market. With an extreme focus on security and the mission to support the development of an open financial system, Aragon is another strong contender on the list.
10. Arweave
Official Website: https://www.arweave.org/
Ticker: AR
Age of the project: 3 years
The problems it solves
Arweave aims to build storage that truly stores data forever. It will achieve so by offering a collectively owned hard drive. Be it apps, information, or history, Arweave will preserve it forever.
Stage of Development
The team has already implemented a few core technologies for the Arweave protocol. These include Proof of Access, wildfire, blockweave, and blockshadows.
Market Cap Dominance: 0.0%
Market Cap Rank: N/A
Historical Top: $1.50 (Jun 11, 2020)
Historical Bottom: $0.298788 (Jan 31, 2020)
Use Case/Application:
Forever data storage with overwriting prevention.
Impact of the announcement on coin price:
Post announcement AR token has gained almost 2.8%.
Coinbase Listing Probability Score: 5/10
The project is yet to deliver an end-to-end product.
11. Numerai
Official Website: https://numer.ai/
Ticker: Numeraire(NMR)
Age of the project: 5 years
The problems it solves
The masterplan of the project is to monopolize intelligence, data, and money, and then later decentralize the monopoly. It is basically building a blockchain-based hedge fund. At the core, it utilizes AI and crowdsourced stock market predictions.
Stage of Development
Numeraire’s use-case was recently expanded. It now includes staking and payment inside the Erasure ecosystem. Erasure ecosystem is a marketplace where users buy and sell data and can even request specific information.
Market Cap Dominance: 0.05%
Market Cap Rank: #56
Historical Top: $55.26 (Jan 13, 2018)
Historical Bottom: $2.06 (Nov 27, 2018)
Use Case/Application:
Creating the most profitable meta-models.
Impact of the announcement on coin price:
No significant price change can be seen in the NMR token since the possible Coinbase listing news.
Coinbase Listing Probability Score: 5/10
The project has a very unique vision and can be utilized within and beyond crypto-verse. The project has potential but has taken long to shape its vision into an end-product.
12. Skale
Official Website: https://skale.network/
Ticker: SKL
Age of the project: 3 years
The problems it solves
The core mission is to address the blockchain scalability issue. The SKALE Network utilizes sharding so that it can run millions of smart contracts and transactions per second. Thus making it a suitable platform for DApp and blockchain interaction.
Stage of Development
The team claims to have the largest-ever set of smart contracts on Ethereum mainnet.
Market Cap Dominance– N/A
Market Cap Rank– N/A
Historical Top: N/A
Historical Bottom: N/A
Use Case/Application:
Solves the scalability issue of blockchain
Impact of Coinbase Listing news on coin price:
N/A
Coinbase Listing Probability Score: 4/10
Skale mainnet went live on 20th May 2020. It plans to launch a token on the Activate platform which is a legal framework. This could be a plus point for it making to the final Coinbase listing.
13. Origin Protocol
Official Website: https://www.originprotocol.com/en
Ticker: OGN
Age of the project: 3 years
The problems it solves
Origin Protocol enables the creation of decentralized marketplaces. With this, it intends to disrupt the sharing economy by reducing transaction fees, promote open and transparent commerce, and redistribute value among buyers and sellers.
Stage of Development
According to the official roadmap, Origin Mainnet 1.0 and OGN token were scheduled for Q1 of 2020. Now the project is heading towards the additional marketplace, e-commerce apps, and OGN staking model. By the end of 2020, it will launch the OGN governance token.
Market Cap Dominance: 0.01%
Market Cap Rank: #151
Historical Top: $0.834096 (Jan 09, 2020)
Historical Bottom: $0.103356 (Jan 30, 2020)
Use Case/Application:
Build decentralized marketplaces for the sharing economy.
Impact of the announcement on coin price:
OGN price has been up by 62.2% since Coinbase announced its possible listing.
Coinbase Listing Probability Score: 5/10
The project has a very well-defined roadmap and has made significant progress in the last couple of months.
14. Keep
Official Website: https://keep.network/
Ticker: KEEP
Age of the project: 3 years
The problems it solves
Keep aims to solve the interoperability silos between chains with a privacy layer. This layer provides secure data storage, data encryption, and private smart contracts.
Stage of Development
Keep Network has partnered with Summa to create its first application called tBTC. This serves as an equity bridge between Bitcoin and the protocols built on other blockchains like ETH, and EOS.
Market Cap Dominance: 0.0%
Market Cap Rank: #4142
Historical Top: $6.10 (May 15, 2020)
Historical Bottom: $0.276915 (Jun 03, 2020)
Use Case/Application
KEEP will act as a layer between blockchain tokens for exchange thus can be used for payments.
Impact of the announcement on coin price
In the last couple of days, Keep has lost 13.7% of its value.
Coinbase Listing Probability Score: 4/10
A project with a sound infrastructure and a great vision. But it is still far from building products suitable for mass adoption.
15. Render Token
Official Website: https://rendertoken.com/
Ticker: RNDR
Age of the project: 3 years
The problems it solves
The Render Network connects people with idle GPUs capable of rendering to users looking to perform render jobs. The GPU owners can connect their GPU to the Render Network for which they will be paid using RNDR.
Stage of Development
The foundation of the project was laid in 2017. After developing and transiting to P2P in 2018, it launched the P2P network in 2019. For 2020, the team is working to migrate to a new RNDR blockchain protocol which will provide APIs and SDKs.
Market Cap Dominance: 0.0%
Market Cap Rank: N/A
Historical Top: $0.054398 (Jun 15, 2020)
Historical Bottom: $0.03665669 (Jun 16, 2020)
Use Case/Application
Incentivizes GPU owners with rendering capabilities.
Impact of the announcement on coin price
In the last 24 hours, the token has gained 12.5%.
Coinbase Listing Probability Score: 4/10
The probability of RNDR making it to the final listing is not very high. That’s because the project and the token are yet to prove their longevity.
16. COMPOUND
Official Website: https://compound.finance/
Ticker: COMP
Age of the project: 3 years
The problems it solves
Compound is a project based on the Ethererum blockchain. It aims to make lending and borrowing easy by locking assets into the protocol. The interest rate of assets is determined by the supply/demand of the asset. With such a setup, it will help people have complete control of the money they earn and save.
Stage of Development
Compund has started distributing COMP, the governance token, to the protocol users. This is a pivotal step towards complete decentralization.
Market Cap Dominance: 0.22%
Market Cap Rank: #25
Historical Top: $228.59 (Jun 19, 2020)
Historical Bottom: $61.32 (Jun 18, 2020)
Use Case/Application:
Defi lending
Impact of the announcement on coin price
N/A
Coinbase Listing Probability Score: 4/10
The project comes with a great vision but is yet to see a lot of adoption and currently the token price is highly volatile.
17. NuCypher
Official Website: https://www.nucypher.com/
Ticker: N/A
Age of the project: 3 years
The problems it solves
NuCypher aims to build a privacy layer for distributed systems and decentralized applications.
Stage of Development
It uses Proxy- re-encryption (PRE) and Umbral for encryption and decryption of data. In early 2020, the project announced its Incentivized Testnet and invited the public to Come and Stake it (CASI). The team is excited about CASI as it involves all the hard work they have put in since 2017. After the success of CASI, the team will head towards the NuCypher mainnet.
Market Cap Dominance– N/A
Market Cap Rank: N/A
Historical Top: N/A
Historical Bottom: N/A
Use Case/Application
Secrets management, dynamic access control, and secure computation
Impact of the announcement on coin price
N/A
Coinbase Listing Probability Score: 4/10
We are yet to witness the success of the incentivized testnet.
18. Livepeer
Official Website: https://livepeer.org/
Ticker: LPT
Age of the project: 3 years
The problems it solves
Aims to offer Peer-to-peer video services and the opportunity to earn incentives. It leverages decentralization to make video encoding reliable and affordable.
Stage of Development
In the first 2 years, Livepeer protocol has been developed and upgraded. Right now the team is focused on developing the Livepeer Governance model.
Market Cap Dominance– 0.01%
Market Cap Rank– #170
Historical Top: $11.22 (Dec 20, 2018)
Historical Bottom: $0.354051 (Oct 26, 2019)
Use Case/Application:
P2P video services on a decentralized platform
Impact of the announcement on coin price:
The LPT price has gone up by 3.2% in the last 7 days.
Coinbase Listing Probability Score: 4/10
The project serves a very niche audience and its security aspects are still being explored.
Coinbase Listing News Final takeaway
It was pretty interesting to see how Coinbase is exploring a wide array of projects to be listed. But it is evident that the primary focus is to onboard leading Defi projects. We wish luck to the 18 projects that are eagerly waiting for the final listing to be unveiled.
If you are interested in knowing more about Defi, here is an exhaustive defi guide compiled by our team.