In a surprising move, Coinbase has added CoW Protocol (COW) to its listing roadmap. The decision has caught many in the crypto community off guard, as COW has a relatively small market cap of around $20 million and isn’t yet listed on any centralized exchanges.

CoW Protocol: A Low Market Cap DEX Token

CoW Protocol is a decentralized exchange (DEX) token built on Ethereum, and it ranks low among the world’s largest cryptocurrencies. One of the key reasons for its modest market cap is that only 9% of its $1 billion maximum supply is currently in circulation. Despite its low market cap, the token’s fully diluted valuation is around $267 million.

Coinbase Listing Uncertain but Promising

While Coinbase notes that not every asset on its listing roadmap is guaranteed to be listed, history shows that altcoins added to this list have typically made it to the platform’s spot market. This suggests that CoW Protocol may soon become available to a wider range of traders.