An altcoin backed by crypto hedge fund Pantera Capital is rallying after the top US crypto exchange Coinbase announced a possible future listing of the token.
In a new announcement, Coinbase says it is adding Stader (SD) to its “listing roadmap,” which alerts customers that the exchange could soon add support for certain assets.
As the news broke Tuesday, SD shot up from a day low of $0.39 to $0.70 at time of writing, a more than 79% gain. SD had soared to a day’s high of $0.85 before retracing.
SD is the native governance and value accrual ERC-20 token for the Stader protocol, a noncustodial, multi-chain liquid staking platform. The maximum token supply is 120 million.
The project is currently holding a vote on expanding the token’s utility by “leveraging the SD Utility Pool to provide insurance cover for permissioned node operators, ensuring they only have to cover up to four Ethereum (ETH) in slashing penalties, with the excess covered by the pool.”
In 2023, Stader Labs, the development team behind the project, raised $4 Million in seed funding from Pantera Capital and other large investors.
According to Coinbase, the listing roadmap was created in 2022 to increase transparency and reduce the possibility of investors front-running new trading support announcements.
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