Major crypto exchange Coinbase has announced the deactivation of trading of Metal DAO (MTL) and Enjin Coin (ENJ) on its platform. This action means that users may no longer be able to trade MTL and ENJ on the Coinbase platform.
Major crypto exchange Coinbase has announced the deactivation of trading of Metal DAO (MTL) and Enjin Coin (ENJ) on its platform. This action means that users may no longer be able to trade MTL and ENJ on the Coinbase platform.
While trading of Metal DAO (MTL) and Enjin Coin (ENJ) is disabled on the Coinbase platform, users’ funds will still be accessible to them and they will still have the ability to withdraw their funds at any time.
Coinbase’s decision to halt trading of the Enjin coin follows a recent assessment in which the cryptocurrency exchange frequently reviews assets on its platform to ensure they meet its listing standards.
Coinbase suspended listing on June 14 for Enjin Coin (ENJ) on all its platforms including Coinbase Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime, and Native DEX.
On June 4, Metal DAO successfully approved MIP-00, a proposal outlining its transition to Metal L2, which operates on the Optimism Superchain, similar to Base. MTL will be migrated from Ethereum mainnet to Metal L2 via airdrop.
Tomiwabold OlajideCoinbase has said that it will not support token airdrops and therefore stopped trading Metal DAO (MTL) on June 14. The trading halt affects all Coinbase platforms: Simple and Advanced Trade, Coinbase Exchange, Coinbase Prime, and Native DEX. .
In a crucial notice to MTL holders, Coinbase stated that to be eligible for the MTL V2 token airdrop, they must transfer their MTL assets to a self-custodial wallet that supports MTL V2 by June 23 to ensure access to air-dropped assets.
The impact of Coinbase’s announcement was evident: both MTL and ENJ witnessed a price decline within 24 hours, helped by the current market decline. At the time of writing, Enjin Coin was down 3.21%, trading at $0.2196, while Metal DAO was down 4.31%, at $1.25.
