The leading U.S. cryptocurrency exchange Coinbase announced on October 11 that it has begun listing the 0x (ZRX) token, marking its first-ever support for an ERC-20 standard token.
What Makes ERC-20 Tokens Special?
The ERC-20 standard enables smart contracts on Ethereum, using programmable code to execute when specified conditions are met. It also simplifies the creation of new tokens, explaining Ethereum’s popularity among ICO fundraising projects.
Customer-Driven Expansion
David Farmer, General Manager of Coinbase Pro, stated:
"One of the most frequent requests we receive from customers is to trade more assets on our platform. With our recently announced new listing process, clients can expect us to add most assets that meet exchange standards."
Trading Availability and Phases
The announcement clarified that ZRX support is initially exclusive to Coinbase Pro, with trading enabled only after sufficient liquidity is achieved. Notably:
- ZRX is unavailable on coinbase.com or Coinbase mobile apps (iOS/Android) at launch.
- U.S. jurisdictions are broadly supported, except for New York residents during the initial phase.
The rollout follows 4 structured phases:
- Transfer-Only (12+ hours): Customers can deposit ZRX into Coinbase Pro accounts; no orders permitted.
- Post-Only (1+ minute): Limit orders can be posted but not matched.
- Limit-Only (10+ minutes): Limit orders begin matching; market orders remain disabled.
- Full Trading: All order types (limit, market, stop) become available.
Background: Coinbase’s Asset Evaluation
In July, Coinbase revealed plans to explore adding five new assets:
- Cardano (ADA)
- Basic Attention Token (BAT)
- Stellar Lumens (XLM)
- Zcash (ZEC)
- 0x (ZRX)
The exchange cautioned that new listings might initially support buy/sell functions only, excluding native wallet transfers.
Market Impact
Per CoinMarketCap data, ZRX surged 30% (from $0.67 to $0.87) within 20 minutes of Coinbase Pro’s tweet, stabilizing at $0.77 at press time.
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FAQs
Q: When will ZRX be available on Coinbase retail platforms?
A: No official timeline yet; follow Coinbase announcements for updates.
Q: Why can’t New York residents trade ZRX initially?
A: Due to state-specific regulatory requirements under NYDFS.
Q: What’s next for Coinbase’s token listings?
A: The exchange emphasizes a customer-driven approach, with ERC-20 tokens likely prioritized.
Q: How does ERC-20 simplify token creation?
A: By standardizing smart contract functions (e.g., transfers, balances), reducing development complexity.