Coinbase has announced the launch of its DEX trading platform, as it looks to unlock access to millions of tokens for users. The Coinbase DEX trading platform will initially only support tokens from the Base network. However, there are plans to expand to Solana soon.
In a blog post, the crypto exchange announced that it is rolling out DEX trading to select users in the U.S., excluding New York. Upon launch, users will be able to trade Base-native tokens, including tokens from leading projects like Virtuals AI agents, Reserve Protocol DTFs, SoSo Value Indices, Auki Labs, and Super Champs.
Users will be able to immediately trade these assets on the Coinbase DEX trading platform once they launch. The top crypto exchange noted that with this move, it is unlocking a new era of access, offering users up to millions of assets on one platform. The exchange already declared its intention to become the “Everything Exchange.”
Coinbase plans to add support for new DEX assets in batches. Over the coming weeks, the crypto exchange will expand its offerings to support several Base assets. It is worth mentioning that the company owns the Ethereum layer 2 network.
In an X post, Brian Armstrong commented on the Coinbase DEX trading rollout. The crypto exchange’s CEO stated that their goal is to make the platform the simplest way to access on-chain markets. He added that support for Solana tokens is coming soon.
The Coinbase DEX trading rollout comes just a week after the exchange released its Q2 earnings report, which showed that trading volume recorded in the second quarter was lower than analysts predicted.
The crypto exchange reported a 16% year-on-year growth in retail trading volume, which topped $43 billion. However, analysts had predicted that it would reach up to $48.05 billion. Therefore, this move is strategic considering that more tokens launch on Base than on any other network, as Coinbase noted.
Coinbase could see a spike in trading volume from retail traders looking to trade these tokens, which are mainly meme coins. Base is home to the famous token launchpad Zora. Meanwhile, it is worth noting that Solana, which is home to launchpad Pump.fun, is the only network that is ahead of the Base network in daily token launches.
As such, adding support for the network will also help boost trading volume. A surge in trading volume also translates to more revenue for the crypto exchange, whose revenue dropped by 27.5% in Q2 to $1.42 billion from $2 billion in the first quarter of the year.
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