Polkadot (DOT) makes its mark on Coinbase Futures

Category: Blockchain Crypto Fintech
Posted by Lea Hogg

Polkadot (DOT), the native cryptocurrency of the Polkadot blockchain, has achieved a significant milestone by securing a listing on one of the world’s leading cryptocurrency exchanges, Coinbase. This development marks a significant step forward for Polkadot, as it joins the ranks of other prominent cryptocurrencies on the platform.

Coinbase has announced the introduction of perpetual futures contracts for Polkadot, along with two other cryptocurrencies, on its international and advanced trading platforms. This move signifies Coinbase’s recognition of Polkadot’s potential and its commitment to providing diverse investment options for its users.

The addition of Polkadot to the Coinbase International Exchange and Coinbase Advanced platforms means that trading in DOT-PERP, along with ICP-PERP and NEAR-PERP, has now begun in earnest. Polkadot now stands alongside other well-known cryptocurrencies such as XRP, Dogecoin (DOGE), Solana (SOL), Optimism (OP), Arbitrum (ARB), Ethereum Classic (ETC), and several others that have been listed as perpetual futures on the Coinbase International crypto exchange.

The Coinbase International exchange, which is accessible to non-U.S. users in specific jurisdictions, was launched in Bermuda in May 2023 and initially offered BTC and ETH perpetual futures. The platform has since expanded its offerings to include a wide range of major cryptocurrencies, with DOT, ICP, and NEAR being the latest additions.

This development comes on the heels of Coinbase International exchange’s recent achievement of surpassing $1 billion in notional contract volume traded within 24 hours for its perpetual futures offerings. This milestone underscores the growing interest in cryptocurrency trading and the increasing prominence of platforms like Coinbase in the global financial landscape.

Below is the performance of Polkadot over the last 6 months compared to Bitcoin and Shiba Inu:

Cryptocurrency Growth over last 6 months
Polkadot (DOT) Approximately 67.25%
Bitcoin (BTC) Approximately 98.51%
Shiba Inu (SHIB) Approximately 20.10%

Polkadot is the blockchain of blockchains

Polkadot’s listing on Coinbase is a signifies its growing influence in the cryptocurrency market. As Polkadot continues to develop and expand its ecosystem, it is likely to attract more attention from investors and traders, further solidifying its position in the crypto space. Polkadot is a blockchain protocol designed to enable interoperability between different blockchain networks. Often described as a “blockchain of blockchains,” Polkadot serves as a platform that allows multiple specialized chains to interoperate across one scalable network.

The primary goal of Polkadot is to boost interoperability, allowing blockchains to securely communicate with each other and enabling value or data to flow between them without an intermediary. By fostering an environment for multiple independent chains, Polkadot also seeks to address blockchain scalability, speed, and cost-effectiveness by taking processing demand off the main chain.

Polkadot works by connecting multiple blockchains in a unified network through a central chain known as the “Relay Chain”. This chain is responsible for the network’s shared security, consensus, and cross-chain interoperability. It has minimal functionality, focusing primarily on securing and coordinating the system as a whole.

The native cryptocurrency of Polkadot is DOT, which serves several functions in the Polkadot ecosystem. DOT is used for staking, security, and connecting chains to the network. DOT holders also play a vital role in network governance, participating in decision-making processes that shape the future of the Polkadot protocol.

  • Polkadot (DOT): The price of Polkadot today is approximately $7.67
  • Bitcoin (BTC): The price of Bitcoin today is approximately $54,669.30
  • Shiba Inu (SHIB): The price of Shiba Inu today is approximately $0.00000963

 

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