Leading US crypto exchange Coinbase announced on Twitter for listing the utility and governance token of crypto gaming Illuvium (ILV). The Twitter post noted that the crypto exchange is going to “add support for Illuvium (ILV) on the Ethereum network”. The post further added a caution note for the users to not to send the specific crypto assets over the other networks. Doing so might result in losing their respective funds.
Coinbase stated the inbound transfers for crypto gaming platfrom’s native asset will be available on its platforms—Coinbase and Coinbase Exchange. Moreover, the trading will be working only in the regions where crypto trading is supported.
This could be implied from the post that the consumers will be allowed to trade ILV over the Ethereum network only.
In another post, Coinbase noted the additional details regarding the listing. It was stated that trading of ILV token would be started by 13th October 2022, 9 am—as soon as the conditions for liquidity were to meet.
The post added a spoon after the establishment of sufficient supply of the particular crypto asset. Soon after this, the trading pair ILV and USD will be launching in phases. However, there may be restrictions over the crypto gaming token in several specific jurisdictions.
Illuvium also proudly shares the news through its Twitter with its followers and users. It highlighted the instance as a milestone for the platform. Crypto gaming platform added that the ILV/USD trading pair will be trading soon over the crypto exchange platform—following the predetermined conditions to meet. It concluded the post claiming the
instance as a big step for the whole community.
Illuvium is a known fantasy role-playing game which is developed over the largest smart contract enabled Ethereum blockchain. The decentralized autonomous organization (DAO) behind the crypto game named Illuvium DAO developed the game.
In January last year, the game was first announced and its description noted it as an Ethereum based decentralized, non-fungible collection and auto battler game.
The players within Illuvium are said to indulge in worlds created over the 3D environment where they would be exploring and catching the Illuvials—deity-like in-game beasts. These collected Illuvials collected by players within the game act as NFTs over the Ethereum blockchain which also possess real-world values. For instance, players use their Illuvials to battle with other players and this makes them earn Ethereum (ETH).
Recently, Coinbase noted in its recently released report about the situation with Etheruem (ETH) following the biggest upgrade—The Merge. The upgrade which meant to bring a lot of changes within the network from speed to gas fees to consensus mechanism, etc.
Coinbase noted that ETH became deflationary as there was burning of Ether (ETH) during the verification of transactions. Overall, this reduction led to 0.13% by last week which is equivalent to 4000 ETH.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/10/14/coinbase-adding-crypto-gaming-native-asset/