An altcoin that has received support from billionaire investor Chamath Palihapitiya is surging after a surprise listing by top US crypto exchange Coinbase.
In a new blog post, Coinbase says that Decentralized Social (DESO) will start trading on Coinbase Pro once appropriate liquidity conditions are met.
The layer 1 blockchain project aims to provide scalability to social media applications for up to a billion users. Decentralized Social is open-source and stores all data on-chain.
Coinbase says of the native token DESO,
“DESO can be used to purchase ‘social tokens’ and NFTs [non-fungible tokens], and to create profiles and posts for Decentralized Social applications.”
The altcoin shot up as news of the Coinbase Pro listing spread. DESO is up over 38% on the day to $138.34. The 87th-ranked crypto had previously been trading in the $75 – $105 range over the past 30 days.
The token reached a quarterly high above $150 back in September after the project changed its name from BitClout and raised over $200 million in capita, including from venture capital firm Social Capital.
Social Capital CEO Chamath Palihapitiya mentioned DESO back in October as part of his basket of investments to hedge against inflation.
“I’m very concerned about medium-term inflation… I want to own three things: hypergrowth [firms]… cash-generative assets… and then I want to own non-correlated assets: Bitcoin, Solana, DESO, a lot of the DeFi [decentralized finance] protocols because it’s a great counter-intuitive hedge…”
According to the Decentralized Social website, the project seeks to empower creators to monetize their efforts.
“The DeSo core development team is relentlessly focused on using the power of blockchain to create as many new ways for creators to monetize as possible.
And because DeSo is an open platform, every new feature becomes instantly available to thousands of developers who will invent new products we’ve never seen before.”
Coinbase says the token will be available to trade paired with USD, EUR and USDT.
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Featured Image: Shutterstock/Tithi Luadthong