Ethereum tokens Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) are launching on Coinbase Pro in select jurisdictions
Support for GNT and DAI will initially be available for Coinbase Pro users in the US (excluding NY), the UK, EU, Canada, Singapore and Australia. MKR and ZIL will not be available to customers in the US, but will be tradable in the UK, EU, Canada, Singapore and Australia on Coinbase Pro.
Earlier this year we announced our intention to support the ERC20 technical standard across Coinbase. Following our launches of 0x (ZRX), Basic Attention Token (BAT), and our stablecoin, USD Coin (USDC) across all Coinbase platforms, we recently added Civic (CVC), district0x (DNT), Loom Network (LOOM) and Decentraland (MANA) to Coinbase Pro. Today we’re announcing support for DAI (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL). Of these, GNT is not technically an ERC20 token, but is an Ethereum-based token.
Each of these tokens has associated functionality, some of which may be in beta. Moreover, each token’s associated functionality is not currently directly accessible via the Coinbase Pro platform. For example, the Golem GNT token provides access to a distributed compute farm, the Zilliqa network can be used to experiment with high-performance smart contracts, and the MKR and DAI tokens form a paired set of assets in which MKR provides governance, and DAI is a type of algorithmic stablecoin. In particular, direct access to smart contract functionality will not be immediately available through Coinbase Pro. As a result, users who want to engage in MKR governance, use their GNT tokens to submit rendering tasks to the Golem beta network, utilize functionality like Compound, or exit DAI positions in the event of global settlement will need to move their assets from Coinbase Pro to a local wallet.
Other digital assets and ERC20 tokens may follow, as described in our related posts regarding exploration of new assets. Our US Pro platform, operated by Coinbase, Inc., will support trading in DAI and GNT only. International Coinbase affiliates will support trading in MKR and ZIL for clients in select jurisdictions outside of the US.
We recognize that there are popular assets that we have not yet added to our platform. Our decision to add ERC20 tokens first arises in part from the relative ease of integrating the standard with our existing infrastructure, particularly from a security standpoint. However, as noted in our earlier post, we are exploring the addition of many new assets beyond ERC20 tokens on a jurisdiction-by-jurisdiction basis.
Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) are launching on Coinbase Pro
At some point after 11:45am PT on Tuesday, December 18, we will begin accepting inbound transfers of DAI, GNT, MKR, and ZIL on Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling trading. Once sufficient liquidity is established, trading will begin on each respective USDC order book. Support for GNT and DAI will initially be available for Coinbase Pro users in the US (excluding NY), the UK, EU, Canada, Singapore and Australia. MKR and ZIL will not initially be available to customers in the US, but will be tradable to users in the UK, EU, Canada, Singapore and Australia. Additional jurisdictions may be added at a later date.
Please also note that these assets are not yet available on Coinbase.com or via our mobile apps. We will make a separate announcement if that occurs.
The Stages of this Launch
There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep that particular book in one state for a longer period of time, or suspend trading as per our Trading Rules.
We will send tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:
- Transfer-only. At some point after 11:45am PT on Tuesday, December 18, customers in applicable regions will be able to transfer DAI, GNT, MKR, and ZIL into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.
- Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
- Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
- Full trading. In the final stage we may choose to leave the order book in limit-only mode or we may make full trading services available, including limit, market, and stop orders.
One of the most common requests we receive from customers is to be able to trade more assets on our platform. With the recent announcement of our new listing process, we anticipate listing more assets over time that meet our standards.
Sign up for a Coinbase Pro account to start trading.
Ethereum tokens Dai (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL) are launching on Coinbase… was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.