A pair of altcoins decentralized finance (DeFi) altcoins are joining top US crypto exchange Coinbase’s roster of assets.
In an announcement, Coinbase says Index Cooperative (INDEX) will start trading on Coinbase Pro paired with Tether (USDT) once appropriate liquidity conditions are met.
Coinbase will add support for Wrapped Ampleforth (WAMPL) and Index Cooperative (INDEX) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. pic.twitter.com/HmHdINAGIg
— Coinbase Assets (@CoinbaseAssets) June 8, 2022
Index Cooperative seeks to create user-friendly and profitable investment products by bringing together people with a variety of skill sets to maximize strategy.
Native governance token INDEX gives holders voting rights on proposed new products as well as asset allocation.
Index Cooperative took a tumble after the Coinbase announcement, initially falling 24.4% from $7.99 to $6.04.
INDEX has since recovered somewhat, up 6.49% on the day and trading for $7.16.
Also joining the Coinbase roster is Wrapped Ampleforth (WAMPL), the wrapped version of the Ampleforth (AMPL) DeFi token which seeks to achieve price-supply equilibrium.
According to its whitepaper, AMPL’s supply expands or contracts every 24 hours based on the token’s price. If AMPL trades above $1, users get more tokens – if AMPL trades below $1, users lose tokens.
Token benefits include full on-chain redemption, no need for technical integration, and a fixed total supply of 10 million WAMPL tokens.
Wrapped Ampleforth has witnessed price swings since the Coinbase announcement, first spiking 22% from $6.03 to $7.36 before falling back to $6.17.
After more volatile price action over the last 24 hours, WAMPL is currently down a percent to $6.41.