The Avalanche ecosystem stands to gain from three tremendous developments announced this week with Coinbase Cloud’s integration, BTC support, and UST trading.
Web3 developer hub Coinbase Cloud has added a suite of tools to support development on the Avalanche blockchain and smart contract platform.
As part of the new support features, Coinbase Cloud is running an Avalanche (AVAX) public validator node. This allows Avalanche network participants to stake their AVAX tokens with Coinbase Cloud and delegate power for validating transactions on the blockchain.
Ethereum Virtual Machine (EVM) compatibility enables a network to benefit from the security of the Ethereum (ETH) network. Tokens on EVM compatible chains can also be bridged seamlessly between each other.
There is also an AVAX integration with Coinbase Wallet, the crypto exchange’s proprietary Web3-enabled digital asset wallet. It will also provide developers with the documentation needed to deploy applications on the Avalanche network. Coinbase Wallet added support for Solana (SOL) last week.
Coinbase Cloud will improve the Query and Transact feature for its users. This feature allows developers to more easily find, interact with, and study portions of the code that make up the Avalanche network. Coinbase Cloud believes that by providing such access, developers can “configure who can access the node infrastructure, and distribute their nodes across four geographic regions and two cloud providers” with limited downtime.
Coinbase Cloud is a Web3 developer support platform from the Coinbase crypto exchange that launched last October.
In addition to Coinbase Cloud’s latest contributions to the AVAX ecosystem, Avalanche has also begun rolling out its support for the Bitcoin (BTC) network through the Avalanche Bridge. Full support is expected to be completed in Q2 of this year.
This will enable BTC holders to transfer their coins onto the Avalanche network and participate in decentralized finance (DeFi) activities there.
Co-founder and COO of Avalanche Kevin Sekniqi summed up the BTC integration with Avalanche in a March 23 tweet stating “DeFi on Avalanche is about to get a whole lot more orange.”
This new integration comes as the Avalanche Summit is taking place in Barcelona, Spain where, in addition to the Coinbase Wallet and Bitcoin integrations, the Terra (LUNA) team also announced that its UST stablecoin is now tradable on Avalanche. All three developments this week stand to provide more value to the Avalanche ecosystem over time through investments and new applications.
AVAX has dropped 3% over the past 24 hours and is currently down 42.3% from its Nov. 21, 2021, all-time high of $145 according to CoinGecko.