Yesterday Coinbase Pro announced that it has enabled the deposits of the Balancer (BAL) and Ren Protocol (REN) tokens. The actual trading will start next week.
Inbound transfers for BAL and REN are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT Tuesday October 6, if liquidity conditions are met. https://t.co/Kw7pfzQKqz
— Coinbase Exchange 🛡️📞 (@CoinbaseExch) October 1, 2020
What is Balancer?
Balancer (BAL) is a decentralized exchange (DEX) that resembles the more famous Uniswap, so it is a system for providing liquidity to pools in return for rewards precisely to encourage the use of the platform and make it more attractive to users.
On Balancer, users not only receive the fees of the pool, but also BAL tokens, proportional to the amount of liquidity in the pool: more funds means more tokens.
A couple of months ago, Balancer suffered several attacks but recovered very well.
What is Ren?
As for the REN protocol, it is a platform dedicated to bringing tokens from different blockchains to Ethereum.
It is therefore a sort of bridge between blockchains.
We are not talking only about Bitcoin (BTC) but also Bitcoin Cash (BCH) and Zcash (ZEC), with others to be supported in the future.
This system wants to be faster and cheaper than the more famous wBTC, so it’s no small advantage for interoperability between different chains.
Listing on Coinbase Pro
Back to the news, the pairs for these new tokens will use both USD and BTC.
The listing will follow the standard rules for this type of exchange, so first traders will need to wait for sufficient liquidity and then trading will start on October 6th.
Coinbase has recently decided to charge transaction fees for the Ethereum blockchain.
This listing did not occur at random. In fact, it seems that Coinbase is following a scheme to bring several DeFi tokens, such as Curve (CRV), Melon, Ocean Protocol, tBTC and others that are expected soon.
Now all that remains is to wait for the 6th of October to come, and the listing on Coinbase’s main platform will certainly take place shortly afterwards.
