Customers at Coinbase can now trade the native token of a nascent layer-1 project called Vara Network (VARA).
The top US crypto exchange rolled out support this week for VARA, the native asset of Vara Network, which just celebrated its mainnet launch on Wednesday.
The project is an independent decentralized layer-1 network that aims to enable “the best playground” for next-gen gaming and financial-based applications. It’s built on the Gear Protocol, a Substrate-based smart-contract platform.
Says the Vara website,
“Building on Vara Network is ideal for both developers already in Web3 as well as those migrating from Web2 seeking the most secure, efficient, scalable environment for deploying their decentralized applications.
Many next-generation apps, like gaming and payments, require low-latency execution. The Vara standalone network will provide the fastest on-ramp for these applications and will unlock new potential applications.”
Coinbase reports the asset is trading at $0.18 at time of writing, down from $0.27 on Wednesday.
Équilibre, an unrelated low-cap automated market maker (AMM) that uses the same VARA ticker, also briefly saw a dramatic price increase on Wednesday, though it quickly gave up most of those gains, likely once traders realized it wasn’t the project that was actually listed by Coinbase.
Coinbase added support for VARA under its “Experimental Label,” a designation the exchange established for riskier, lower liquidity tokens.
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