Coinbase Launches Auction for Concrete Token Trading
Coinbase has initiated auction mode for the CT-USD trading pair as the Concrete token makes its debut on the exchange. This auction process allows the market a minimum of 10 minutes to establish an opening price through limit orders before transitioning to continuous trading. This launch coincides with OKX, another major cryptocurrency exchange, which is listing the Concrete token against USDT on the same day, marking a coordinated introduction across two of the industry's largest platforms.
During the auction phase on Coinbase, only limit orders designated as 'Allow Taker' are accepted, while market orders and post-only orders are prohibited. This system collects limit orders for at least 10 minutes, providing traders with an indicative price that reflects the convergence of supply and demand before any trades are executed. OKX employs a similar strategy, running its CT/USDT call auction from 09:00 to 10:00 UTC, followed by a five-minute restriction on market orders to mitigate early volatility after the auction concludes.
This approach is not new for Coinbase, which previously utilized a similar auction process for the CTR-USD pair in May 2026, implementing the same restrictions on order types during the pre-trading phase. Concrete is positioned as an institutional-grade on-chain asset management platform, operating on the Ethereum blockchain.
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Source: KLEA News