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Coinbase said the growth in ether trading was driven by interest in decentralized finance (DeFi) and non-fungible tokens (NFTs), two crypto applications that commonly use the ethereum blockchain. Coinbase said the launch of its ethereum staking product also spurred ether trading on the platform.
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"We are seeing crypto quickly mature from its initial use case of trading bitcoin to the trading of thousands of new assets, and the adoption of new use cases like decentralized finance (DeFi), non-fungible tokens (NFTs), smart contracts, decentralized autonomous organizations (DAOs), and more," Coinbase said in its earnings report.
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