Cryptocurrency exchange Coinbase has added trading support for Stader (SD), a non-custodial, multi-chain liquid staking platform.
Coinbase announced that SD is now available on Coinbase.com and the Coinbase iOS and Android apps.
Coinbase put SD on its listing “roadmap” last month, suggesting a possible future listing for the digital asset, sparking a significant rally in the token.
Stader originally intended to provide a liquid staking solution on the Terra blockchain, but expanded to other chains following the collapse of the Terra ecosystem in 2022.
Recently, the Stader community voted to reduce the SD supply from 150 million to 120 million in a new “token economy reboot”.
The project is also currently voting to expand the utility of the token by “utilizing the SD utility pool to provide insurance coverage to licensed node operators, with only a maximum of 4 Ethereum (ETH) in slashing penalties, with any excess being applied from the pool.”
In 2023, Stader Labs, the team developing the project, raised $4 million in startup funding from Pantera Capital and other major investors.
According to CoinGecko, at the time of writing, SD is trading at $0.48, down 98.4% from its all-time high of $30.17 recorded in March 2022.
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