A recently rebranded, low-cost layer-1 altcoin is on the rise after suddenly gaining support from Coinbase, the largest U.S. cryptocurrency exchange platform.
Coinbase Assets has announced that it will be adding support for Gravity (G, formerly Galxe), an interoperable Ethereum (ETH)-based smart contract platform.
“Trading will commence on or around 12:00 PM on August 13, 2024, subject to liquidity requirements. Trading will commence in phases on the G-USD trading pair as supply of this asset becomes sufficient.”
Digital assets surged on news of the listing, with G rising about 8% from a low of $0.0378 to a high of $0.0411 on the day. G has since stabilized and is trading at $0.0398 at the time of writing.
Earlier this month, Coinbase added G to its listing roadmap in 2022, designed to increase transparency and curb frontrunning of assets.
Rebranded in July with support from cryptocurrency exchanges Binance and Crypto.com, G aims to simplify cross-chain trading by making it safer and more efficient.
At the time, developers helped blockchains leverage technologies such as zero-knowledge proofs, novel consensus mechanisms, and re-staking-based architectures.
Last week, Coinbase also added support for two other multi-chain altcoins. – Interoperable Layer 1 Blockchain ZetaChain (ZETACHAIN) and Cross-Chain Bridge Across Protocol (AVX) – This caused prices for both companies to rise at the time.
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Featured image: Shutterstock/Den Rise/Sensvector