Coinbase, a leading cryptocurrency trading platform, has launched a decentralized exchange (DEX) service. Initially, this new DEX platform will only support the trading of tokens on the Base network. Coinbase aims to offer users access to millions of tokens and plans to expand support to other networks, such as the Solana 
$146 network, in the future.
Coinbase DeFi
As per Coinbase’s announcement, the platform’s initial phase offers limited service with tokens on the Base network. Developers are actively working to expand token access and anticipate that these efforts will soon yield positive results. In the coming period, we can expect to see tokens from different networks being included on the platform.
The Base network is one of the Ethereum 
$3,334 layer2 solutions developed by Coinbase, enabling users to perform quick transfers with low transaction fees. Coinbase’s goal is to allow users to access a wider cryptocurrency portfolio through the platform. The underlying intention seems to be to generate more revenue by integrating Coinbase’s customers with the Base network.
Coinbase has announced that, in the coming days, the platform will also support tokens on the Solana network. This will allow users to conduct transactions involving cryptocurrencies on both the Base and Solana networks.
New Opportunities for Users
The company emphasized its intent to open more avenues for users to benefit from the decentralized finance ecosystem. It is anticipated that Solana support will contribute to the platform’s popularity.
The new platform offers users increased access to a broader range of tokens, potentially enhancing transaction volumes. Additionally, consolidating assets from various networks on a single platform may improve the overall user experience.
However, is this entirely positive? The ease with which new investors might access thousands of potentially fraudulent tokens may not be as beneficial as it seems. Exchanges currently allow access to only a limited set of assets and conduct detailed evaluations before listing them.
Regular communication with project teams for risk assessments, including project progress and financial health, is reportedly part of exchanges’ due diligence. Delisting decisions are based on these evaluations, but exposing investors to countless unchecked tokens can present significant risks.
In conclusion, Coinbase’s step towards a DEX platform represents the potential beginning of an innovative process in the cryptocurrency market. With an increase in supported networks and accessible token diversity, more news of fraud cases, profits, and losses can be expected as user interest in the platform grows.
