- Coinbase’s new DEX trading feature rolls out in the U.S.
- Excludes New York due to compliance issues.
- Potential increase in DeFi market share.
Coinbase has launched a new decentralized exchange trading feature on its Base L2 network, providing instant on-chain access for U.S. users, excluding those in New York.
This expansion into decentralized exchange trading aims to boost platform engagement amidst declining centralized trading revenues and enhance user access to millions of tokens.
Coinbase has launched a new DEX trading feature for its U.S. users, offering instant access to millions of tokens. The service will gradually expand to support more assets and blockchains like Solana.
This rollout is driven by Coinbase’s leadership team, with Jesse Pollak spearheading Base protocol development. Brian Armstrong, Coinbase’s CEO, announced the feature starting on Coinbase’s Base L2 network, stating, “DEX trading is now rolling out… with plans to support more markets and networks soon.”
The immediate effects are seen in the cryptocurrency market, where on-chain access promises to enhance liquidity.
Aerodrome’s TVL reportedly increased by over 5% following the news, indicating confidence from users.
Financially, Coinbase aims to counter declining centralized trading revenue by attracting DeFi flows. The exclusion of New York highlights the persistent regulatory challenges Coinbase faces in some jurisdictions.
User engagement on Base-native coins, such as Aerodrome, is growing. This increase might lead to higher overall activity within the DeFi ecosystem, potentially impacting Ethereum L2 usage.
Historically, similar ventures, like Binance’s DEX, showed growth in platform liquidity and participation. Coinbase’s move could shape new norms in digital asset trading, supported by on-chain technologies and DeFi protocols expansion.
