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Alex Sunnarborg @alexsunnarborg
, 17 tweets, 5 min read Read on Twitter
What will be the next crypto asset added to Coinbase / GDAX?
2/ I actually asked nearly this exact same question about a year ago:
3/ Back then, voters thought it was the #1 most likely that a privacy focused asset like ZEC or XMR would be added next to Coinbase. This has not yet happened.
4/ The #2 vote was an alternate ledger. We have yet to see Coinbase add support for any alternate blockchain or DLT asset like XRP, IOTA, or ADA.
5/ A blockchain fork came in #3. We have seen Coinbase add support for forks of both Bitcoin and Ethereum with BCH and ETC.
6/ The least voted for option by far was a dapp token. A couple weeks ago, we saw Coinbase list ZRX:
7/ ZRX is the one the more popular ERC20 dapp tokens. 0x is one of few live Ethereum dapps that gets some (albeit not much) usage:
8/ Over 12k people sold out the $24m ICO (for 1/2 of the total tokens) in about 24 hours. ~64k addresses now own ZRX tokens. The 0x team, advisory board, and pre-ICO investors have strong ties to Coinbase.
9/ ZRX has a fixed total supply and a quoted mkt cap of about $420m (using circulating supply). It’s 30 day avg 24h trading vol is ~$22m & 7 day is ~$12m. The majority of its volume is in trading with other crypto. A minimal amt is w fiat & on exchanges Coinmktcap includes (**s).
10/ The ZRX listing was a few months after Coinbase said they were ‘Exploring Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x’:…
11/ Of the remaining 4, 3 require integrating support for full new blockchains (ADA, XLM, ZEC), while 1 is another ERC20 token (BAT).
12/ BAT is another popular ERC20 dapp token. Brave is a ‘new browser that blocks ads & trackers that slow you down & invade your privacy’. The browser is live but much of the token is more or less TBD. (I got $6 for moving a triangle 3 times today tho!)
13/ The BAT ICO sold out in <30 seconds. Only ~130 got in & 5 buyers bought 1/2 the supply. The top 20 addresses owned 2/3 of BAT shortly after the sale.…
14/ Brave has also previously been backed by many of Coinbase’s investors.…
15/ BAT has a fixed total supply and a quoted market cap of about $250m (similar to ZRX). It’s average trading volumes & distribution of trading are not dissimilar either.
16/ As we learned with ZRX, the negligible amount of fiat trading pairs is apparently not that critical in Coinbase’s listing criteria. It seems instead Coinbase is OK serving as the first real & primary fiat on ramp for new crypto assets.
17/ If anything, if the results of today’s poll turn out anything like they did in December, I think the chances of the dapp token option are likely largely understated for many of the above reasons.
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