Key Points
- •Coinbase lists DoubleZero, boosting Solana's DePIN ecosystem.
- •No-action letter from SEC supports DePIN innovation.
- •DoubleZero trading surged 35% post-listing, indicating market interest.
Coinbase has listed DoubleZero (2Z) for spot trading, a Solana-based protocol, enhancing its market presence since its previous listings on Binance and Kraken.
The SEC’s no-action letter boosts confidence in the innovative DePIN network, increasing visibility and credibility, as noted by a 3% price hike for 2Z.
Coinbase's Listing of DoubleZero
Coinbase's recent listing of DoubleZero (2Z) marks an important step for the Solana-based protocol in enhancing visibility. This decision aligns with Coinbase's rigorous standards for asset listings.
The listing involves Coinbase, DoubleZero, and the SEC. The agency's no-action letter indicates support for innovative blockchain technologies within the DePIN ecosystem. An unnamed SEC official noted, "The no-action letter issued by the SEC signifies our support for innovative technologies, affirming that 2Z tokens do not constitute securities." - Pintu
The listing increased the trading volume of DoubleZero by 35%, indicating heightened market interest. The 3% price increase and surge in trading volume for 2Z indicates a positive market sentiment towards DePIN projects post-listing.
This listing can improve the credibility of the Solana ecosystem. The SEC's resolution of not classifying 2Z as a security supports similar DePIN projects.
DePIN-related tokens like DoubleZero are gaining traction after SEC's favorable decisions. Market reactions suggest a broader optimism towards blockchain scalability.
Future implications may involve increased technological projects within DePIN. This follows a trend where exchanges support decentralized infrastructure, promoting innovation and expansion in the blockchain industry.