Ethereum-based Altcoin Project Jumps After Crypto Exchange Coinbase Adds It to Its Roadmap List

The Ethereum (ETH)-based altcoin is on the rise following the news that US crypto exchange Coinbase has added the project to its listing roadmap.

Lido DAO (LDO), a staking service for Ethereum and other blockchain projects, saw its price increase by more than 16% in the days following the announcement of Coinbase via Twitter.

For transparency purposes, Coinbase is adding projects to its listing roadmap as an introduction to making it available for trading on the exchange and announcing the additions via Twitter.

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The Lido DAO and its ERC-20 LDO token are intended to allow users to stake ETH without locking up assets or maintaining the infrastructure. When storing on the platform, users receive Staked Ether (stETH) on a 1:1 basis representing their ETH, and stETH balances can be used like regular ETH to earn returns or rewards.

At the time of Coinbase’s announcement three days ago, the price of LDO was changing hands around $1.25. At the time of writing, LDO was trading at $1.46, an increase of nearly 17% in price.

The market capitalization of Ethereum-based altcoins is $1.01 billion and is down about 80% from an all-time high of $7.30.

Coinbase CEO Brian Armstrong previously said that the exchange will list as many crypto assets as possible after meeting simple criteria.

“It’s like Amazon or something where a product might have three stars or five stars, but if it starts getting one star consistently, it’s probably fraudulent or defective or something like that and maybe Amazon will remove it. Otherwise you want to let The market decides what these things are…

I think there will be millions of these assets over time, so I hope the news won’t come out every time we add one in the future, basically.

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