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Coinbase exchange has reordered its platform by delisting a major Ethereum decentralized finance (DeFi) token. As per an update on its official X handle, Coinbase said it has stopped all trading activity for MKR-PERP on its exchange.
Coinbase ends trading for Maker perp contract
Notably, MKR-PERP is the perpetual futures contract for Maker on Coinbase’s trading platform. By delisting the asset, no new position can be opened or closed by traders. Meanwhile, Coinbase said it has automatically settled any open position for the asset pair.
The final settlement price for these remaining contracts has been pegged at $1,814.05. The exchange arrived at this figure by considering the average market price of MKR 60 minutes before the delisting took place.
Coinbase has periodically carried out such delisting exercises to ensure that all assets listed on the exchange meet its standards. Although the reason for this current delisting was not stated, Coinbase’s action signals that MKR-PERP no longer meets its listing requirements.
It is worth mentioning that the automatic settlement would likely affect short-term traders and the liquidity of active investors. Regardless of the settlement, some users have reacted to the sudden halt. Some have alleged manipulations as traders were not given enough time to close their positions.
Others consider it a fair and transparent move given the compensation price for those trading the PERP market. Against general expectations, the price of Maker DAO has moved in the opposite direction.
The token was changing hands for $1,821.63, up by 3% in the past 24 hours.
Related delistings are not uncommon on the broader crypto market. Binance recently announced it would delist BakeryToken (BAKE), Hifi Finance (HIFI) and others, effective as of Sept. 17. In a shocking turn of events, the token billed for delisting, like MKR, spiked in price, with BAKE posting a 170% increase while HIFI climbed by 28%.
Coinbase taps Google, Ethereum Foundation for AI payments
Meanwhile, in another development, Coinbase has teamed up with tech giant Google and the Ethereum Foundation.
Google initiated the move to leverage Coinbase’s platform for interoperability of payments. Commenting on the partnership, Brian Armstrong, Coinbase CEO, stated that it will open a new era for AI agents.
The goal for Google is to ensure that AI agents can settle financial transactions both on traditional trails and with stablecoins. It is Google’s way of staying ahead of innovations before they become widespread.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team