The cryptocurrency market is abuzz as ZKsync (ZK) has seen its price soar to a 30-day high following the announcement of trading support by Coinbase. The token’s value jumped 20% over the past week, reaching $0.1343 amid growing adoption and heightened market enthusiasm.
Coinbase Launches ZKsync Trading
Coinbase has officially listed ZKsync on its platform, allowing users to transfer ZKsync assets within permissible regions. The exchange cautioned users against sending ZKsync over other networks to avoid potential loss of funds. Trading is set to begin on or after 9 AM PT on September 25, 2024, depending on liquidity conditions, with the ZK-USD pair being prioritized.
This move marks an important step in Coinbase’s strategy to expand its asset offerings, particularly focusing on Layer 2 scaling solutions known for enhancing transaction speeds and reducing costs compared to traditional Layer 1 blockchains.
Expanding Asset Portfolio
In addition to ZKsync, Coinbase plans to list several other digital assets, including CoW Protocol (COW) on Ethereum, Moonwell (WELL) on the Base network, Catizen (CATI) perpetual futures on Coinbase International Exchange, and Zetachain (ZETA) trading.
Treasure DAO’s Migration to ZKsync
In a parallel development, Treasure DAO, a decentralized gaming ecosystem, announced its migration from the Arbitrum blockchain to ZKsync. This decision came after an overwhelming 99.5% of community votes favored the switch, reflecting the DAO’s aim to leverage ZKsync’s advanced ZK Stack technology for improved scalability and security.
Originally, Treasure DAO considered using Arbitrum Orbit for its scalability needs but determined that ZKsync’s infrastructure aligns better with its long-term objectives. This migration is expected to enhance the DAO’s performance and make its platform more appealing to the burgeoning blockchain gaming sector.
Market Response
The announcement has sparked a notable rally in ZKsync’s price, which rebounded from an intra-day low of $0.1215 to a peak of $0.1343 before encountering resistance. As of the latest updates, ZKsync is trading at $0.1333, reflecting a 6.5% increase in the last 24 hours and a 20% rise over the week.
Accompanying the price surge, ZKsync’s market capitalization has climbed by 6.5% to approximately $489.99 million, while its 24-hour trading volume surged by 33% to around $75.69 million. The growing interest in ZKsync highlights the increasing demand for efficient blockchain solutions in the crypto ecosystem.
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