Coinbase to support new Ethereum-based oracle

Wednesday 27 July 2022 13:39 CET | News

US-based crypto player Coinbase has announced it will be supporting a decentralized Ethereum (ETH)-based oracle.

Coinbase says it will add Nest Protocol (NEST) once liquidity conditions are met. The company will add NEST to the platform under its experimental label for digital assets, which are for cryptocurrencies that are either new to the company’s platform or have relatively low trading volume compared to other crypto assets.

Nest Protocol, a Chainlink (LINK) competitor, is a decentralized oracle network based on the ERC-20 token issued by the Ethereum network. The platform allows users to get price information for decentralized finance (DeFi) assets such as stablecoins and futures and is powered by the NEST token.

NEST tokens are not issued in advance and can only be earned through ‘quotation mining,’ and the protocol collects information directly on-chain instead of uploading external data.

More: Link

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Keywords: cryptocurrency exchange, digital assets, crypto asset, blockchain
Categories: DeFi & Crypto & Web3
Companies: Coinbase
Countries: United States
This article is part of category

DeFi & Crypto & Web3


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