Coinbase — one of the world’s largest cryptocurrency exchange platforms — has expanded its trading features that allow users to trade a myriad of tokens in its latest swap service, according to a report. Coinbase Wallet makes it possible to trade tokens on your choice of network, including BNB Chain (formerly Binance Smart Chain), Avalanche, Polygon, and much more.
More than $1 trillion was traded on DEXs (decentralized exchanges) last year — an increase of almost 858% from back in 2020. Users can engage in DEX trading through the Coinbase Wallet, which will allow them to easily swap a greater variety of tokens, trade on their preferred network, and experience the lowest exchange and trading rates. The company is currently providing even more reasons for users to join the platform for trading. Other than allowing users to swap on Ethereum and Polygon, Coinbase is now allowing users to trade on two more networks — BNB Chain and Avalanche. Thereby, Coinbase offers the swap service for more tokens than the majority of traditional centralized exchanges.
Users who have their own Coinbase Wallets can use the platform’s own in-app DEX to trade on-chain on all four networks. In any case, token bridging is not yet allowed.
“One Wallet. Multiple Chains. Thousands of Tokens.”
Decentralized exchanges (DEXs) are peer-to-peer (P2P) marketplaces that allow users to carry out transactions directly with one another, satisfying one of cryptocurrency’s core beliefs of driving financial freedom without the involvement of financial institutions, banks, or other intermediaries. Moreover, DEXs give users access to the world of Web 3.0 by means of tokens like PancakeSwap, ApeCoin, and JOE, amongst others.
Coinbase Wallet’s in-app DEX makes it easy for users to trade tokens through its swap feature, which compares rates across different exchange platforms through the ox API, thereby saving a lot of time and effort. Coinbase’s support for all the networks implies users can trade more tokens, faster, and with reasonable exchange fees.
Getting Started With DEX Trading
Users can easily get started with Coinbase Wallet’s in-app DEX trading feature.
All you have to do is click on the ‘trade’ button in your mobile application or click on the ‘swap’ button in the browser extension. Next, choose the token you want to exchange and the token you’d like to exchange the initial token for, and click on ‘confirm’.
If you want to trade tokens on another network, simply head over to the ‘network’ icon on the top right corner of the application or select the network name in your browser extension, and choose the network you’d like to carry out the swap feature.
It is important to note that you have the native token of the network you wish to carry out the swap on to cover the fees before going ahead with the swap. For example, if you want to use Avalanche, you must have AVAX in your Coinbase Wallet.
Currently, only 173 tokens are listed on Coinbase’s in-app DEX. These figures pale in comparison to the thousands available on all the four networks combined that users now can access.
In the coming months, Coinbase plans to give users access to conduct swaps on even more networks. Not only will it expand the trading on the platform, but it will also add support for network bridging, thereby allowing you to easily move tokens across a variety of networks