Coinbase Welcomes DoubleZero (2Z) to its Listing Roadmap
In an exciting new development, Coinbase has added DoubleZero (2Z), a prominent player in the decentralized physical infrastructure network (DePIN), to its listing roadmap. This significant announcement comes shortly after the U.S. SEC (Securities and Exchange Commission) confirmed it would take no enforcement action against DoubleZero, signaling a supportive stance towards innovative blockchain technologies. With its addition to Coinbase, DoubleZero joins the ranks of other exchanges like Binance and Kraken, underlining its credibility and potential in the rapidly evolving crypto landscape.
DoubleZero’s Journey to Coinbase
DoubleZero is built on the Solana blockchain and aims to enhance blockchain scalability through high-performance physical data infrastructure. The listing on Coinbase marks a decisive milestone, as crypto assets listed on this exchange must comply with rigorous standards pertaining to legal, compliance, and technical security. For DoubleZero, this acknowledgment by one of the world’s leading crypto exchanges solidifies its position within the broader ecosystem and serves to build trust among potential investors and users.
The DePIN Protocol Explained
The decentralized physical infrastructure network (DePIN) is a novel approach designed to facilitate collaboration among participants while offering real-world capabilities. DePIN projects leverage open, distributed peer-to-peer networks to provide services like storage, telecommunications bandwidth, mapping, and energy solutions. This functional model encourages innovation and fosters an inclusive framework, allowing for scalable blockchain applications that are both practical and relevant. The SEC’s supportive stance towards DePIN technologies further accentuates the growing interest in these projects, including DoubleZero.
SEC’s Support for DoubleZero
The SEC’s no-action letter regarding DoubleZero highlighted the agency’s intent to nurture innovative projects that contribute to the growth of the blockchain sector. According to the SEC, the 2Z token is not classified as a security but functions as a utility incentive for services rendered, distinguishing it from traditional investment tokens. SEC Commissioner Hester Peirce expressed her endorsement for such forward-thinking projects, emphasizing their role in driving innovation rather than stifling it. This supportive regulatory environment is anticipated to energize the DePIN sector and attract more attention from the crypto community.
Price Movement and Market Activity
In recent trading, DoubleZero’s 2Z token has experienced a notable price surge, rising by 3% in the past 24 hours, with current trading standing at approximately $0.496. The token hit a low of $0.476 and a high of $0.499 within the same timeframe, indicating robust trading activity. Furthermore, 24-hour trading volume rose by 35%, showcasing a spike in interest among traders. Despite an initial 100% surge upon its debut last week, the token encountered fluctuations following significant deposits made by Jump Crypto on major exchanges.
Futures Markets and Investor Sentiment
Data from CoinGlass reflects a proactive trading environment for 2Z in the derivatives market, exhibiting modest growth in futures open interest. As of now, the total 2Z futures open interest increased by 1% to $66.59 million within 24 hours, demonstrating a rising level of engagement among trading institutions. A closer analysis reveals a 3% increase in the 4-hour 2Z futures open interest, although slight declines were noted on platforms like Binance and OKX. This atmosphere of trading activity suggests a healthy investor sentiment towards the DoubleZero project and its future prospects.
Conclusion
The inclusion of DoubleZero (2Z) in Coinbase’s listing roadmap heralds a pivotal moment for the cryptocurrency sector. With the SEC backing innovative DePIN projects, DoubleZero stands as a promising example of the potential inherent in decentralized solutions. As the crypto market continues to evolve, traders and investors alike are closely monitoring developments surrounding DoubleZero, particularly its price trajectory and future innovations. With rising trading volumes and a supportive regulatory environment, the DoubleZero project is poised for exciting growth ahead.
