An altcoin backed by cryptocurrency hedge fund Pantera Capital is on the rise after Coinbase, the largest U.S. cryptocurrency exchange, announced a possible future listing for the token.
Coinbase has announced in a new announcement that it is adding Stader (SD) to its “listing roadmap,” letting customers know that the exchange may soon add support for the specific asset.
As the news broke on Tuesday, SD surged from a daily low of $0.39 to $0.70 at the time of writing, a gain of more than 79%. SD surged to a daily high of $0.85 before bouncing back.
SD is the native governance and value accrual ERC-20 token of the Stader Protocol, a non-custodial, multi-chain liquid staking platform. The maximum token supply is 120 million.
This project is currently in progress. vote It explains how it expands the utility of the token by “providing insurance coverage to licensed node operators by leveraging the SD utility pool, ensuring that only up to 4 Ethereum (ETH) are subject to slashing penalties, with any excess being applied from the pool.”
In 2023, Stader Labs, the development team behind the project, raised $4 million in startup funding from Pantera Capital and other major investors.
According to Coinbase, the listing roadmap was created in 2022 to increase transparency and reduce the likelihood that investors will act ahead of the announcement of new exchange support.
Don’t miss out – subscribe to receive email notifications straight to your inbox
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3