Only In Crypto: A Pastry Denounces Coinbase’s Listing Process

Crypto exchange Coinbase has generated controversy due to its listing process. The platform recently posted a list of possible projects to include which, according to pseudonym user PastryETH, makes some wonder if Coinbase is “willfully ignorant, or intentionally deceiving?”. Related Reading | Arthur Hayes’ Crystal Ball Predicts: Bitcoin And Ethereum To See Carnage In June Some of the projects were created before 2020 and have a dubious reputation. Amongst these tokens is Big Data Protocol (BDP), Pastry said. This project managed to attract over $6 billion in total value locked (TVL) and generate a lot of hype. This allowed BDP whales to “dump” their tokens on retail investors, as discovered by Igor Igamberdiev, The Block’s director of research. As Pastry noted: These addresses farmed massive amounts of $BDP and dumped it on LPs in BDP’s Pool2 which rewarded users with $bAlpha for providing liquidity to BDP/ETH. It was exit liquidity for whales. The BDP token feel from $13 to $3, while bAlpha dumped from $25k to $5k. Second on the list is BOTTO which, the pseudonym user said, has a market cap of around $4 million. Therefore, could see high volatility and an illiquid market cap to the detriment of its potential traders. Pastry asked the following about Coinbase’s prospects: Really, Coinbase? Are you not aware of the risks you expose thousands of traders to by listing a project that is so small and illiquid? Coinbase ...