Coinbase added five new tokens to its arsenal yesterday. Now you can trade, send, receive, and store IoTeX (IOTX), Orion Protocol (ORN), Tribe (TRIBE), and TerraUSD (UST). 🙌 🤑
For now, the new coins are only available on Coinbase Pro, so you’ll have to trade on that platform. Any Coinbase user can access Coinbase Pro with their Coinbase log-in info. Let’s unpack these new tokens:
- Orion: An Ethereum token that powers Orion Protocol, which aggregates liquidity from centralized and decentralized exchanges onto a single platform. In short, it looks for the best price you can get.
- IoTeX: IOTX aims to connect IoT (Internet of things) devices (like cameras, fitness trackers, drones) and decentralized applications. IOTX users are in complete control of their own information and data. Currently, over 6,900 devices use IOTX’s blockchain.
- Tribe: The governance token for Fei Protocol, an issuer of the FEI stablecoin to decentralized finance (DeFi) users. Token holders can vote on Fei Protocol changes and the monetary policy of FEI.
- Quickswap: An Ethereum token that powers QuickSwap — a decentralized exchange running on the Polygon Network. It’s another governance token that offers holders voting rights, but it can also be staked for a percentage of Quickswap’s trading fees. 🙊
- Terra USD: Terra USD (UST) is a decentralized stablecoin pegged to the US dollar. 💵 The native token on Terra blockchain protocols is Terra (LUNA), which is also used to maintain prices of Terra’s stablecoins. Unlike centralized tokens, Terra USD isn’t backed by US dollars in a bank account. To mint 1 TerraUSD, US$1.00 worth of TerraUSD’s reserve asset (LUNA) must be burned, according to Coinbase.