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Coinbase Wallet Unveils Support for Solana Tokens

News
Coinbase Wallet Unveils Support for Solana Tokens

Support for Solana has been introduced to the Coinbase Wallet Chrome extension, a self-custody wallet provided by Coinbase.

Support for Solana Added

Tokens for the Solana ecosystem were added to Coinbase’s self-custody crypto wallet on March 17, broadening its coverage area to compete with MetaMask.

Solana Program Library (SPL) tokens – Solana’s equivalent to Ethereum’s ERC-20 tokens – are now available on Coinbase Wallet as the first non-Ethereum-compatible crypto asset. In the past, the browser extension and app were only compatible with Ethereum Virtual Machine networks like Polygon and BNB Chain, and Avalanche.

Solana’s contribution primarily validates this blockchain’s ecosystem of token-linked lending, trade, governance, and stablecoin initiatives for deposit. It follows Coinbase’s recent trading introduction for two such projects: Bonfida and Orca.

Coinbase Wallet integration into Solana dapps is also expected to be added in the near term.

“You can store, send, and receive Solana tokens now. Dapp connections, trading, and NFTs are coming soon,” a banner within the app said Thursday.

Because SPL support was announced prior to dapp compatibility, Coinbase Wallet has limited functionality within the Solana ecosystem — whether for trading decentralized finance (DeFi) or purchasing NFTs. Similar features may be found in competing Solana wallets such as Phantom and Solflare that allow users to stake coins within the app.  Coinbase Wallet, the crypto exchange’s self-custody wallet, has updated its Chrome browser extension to include support for Solana.

Coinbase’s Latest Tool Coinbase Pay

Cryptocurrency exchange Coinbase is launching a new tool called Coinbase Pay that is designed to streamline the process of adding cryptocurrency to a user’s wallet.

When customers want to add cryptocurrency to their wallet extension, they can now pick “add crypto with Coinbase Pay” They next choose the currency to add to their wallet, enter the desired amount, and confirm the transaction. “No more switching between apps, copy-pasting addresses, and manually transferring funds,” they stated.

Coinbase (COIN) users in the United States and Canada can make transfers using debit cards and bank accounts. Globally, other payment alternatives will be allowed soon. First-time Coinbase Wallet customers will need to link their self-custody wallet to their Coinbase account before they may use Pay.

Coinbase Plans for an NFT Exchange

Coinbase stated that it would introduce an NFT marketplace soon. The company stated in a tweet that its staff “met with over 100 content creators to collaborate on the launch of their new NFT marketplace.” A marketplace for NFTs is a portal to selling, buying, and displaying your NFTs to other users.

However, at present no indication of when this marketplace will be launched. Coinbase’s marketplace launch will pit it against other prominent NFT marketplaces, such as OpenSea and Rarible.

It’s worth noting that at least 2.5 million people have already signed up for the Coinbase NFT queue since its initial announcement in October 2021. “The NFT marketplace could be bigger than our cryptocurrency exchange business,” Coinbase CEO Brian Armstrong told The Guardian.

Coinbase has been working to make cryptocurrencies and NFTs more accessible to the general public, and earlier this year began accepting Mastercard payments for NFTs. 

Solana Determined to Succed

Solana (SOL) is forging a fresh road to success in a world dominated by Bitcoin and Ethereum. Often labeled “the Ethereum killer” the developing blockchain and cryptocurrency ecosystem is recovering from recent crypto losses more quickly.

A Difficult Start for Solana

Solana (SOL), a blockchain platform for decentralized apps (dApps) and the eighth-largest cryptocurrency by market capitalization, has had a hard start to the new year.

As of March 17, Solana was down -66% from its all-time high on November 6, 2021, according to on-chain statistics provided by Santiment. Nonetheless, the crypto analytics firm observes that Solana’s team continues to develop at a rapid rate, indicating a concentrated attempt to improve the DeFi asset.

Because of ongoing global turbulence, the flattening economy, and the platform’s own difficulties, Solana’s extended bearish streak was likely.

When Solana made headlines at the beginning of February, it wasn’t for the right reasons. A Wormhole bridge vulnerability was exploited by hackers to steal $322 million from the platform’s traders, making it one of the greatest DeFi attacks to date.

Short-Term Price Prediction for SOL

Solana is expected to trade at $157.46 by the end of March 2022, according to the cryptocurrency community’s forecast on CoinMarketCap.

The established price reflects a 76 percent or $68 increase over the current price of $83.99 at press time. As of March 17, 10,692 members of the CoinMarketCap community had voted on the price estimate.

It’s also worth noting that the Solana price forecast accuracy of the crypto community presently stands at 70.69 percent.

According to CoinMarketCap data, the price of Solana had risen 8.86 percent in the seven days leading up to press time to $89.71. At the time of this writing, the company’s entire market value was $28.6 billion.

Is SOL on the Road to Recovery?

Solana’s price improved slightly after all the assets were restored, but it remained below $85 in the days leading up to press time.

That said, the current upswing in the token’s value can be attributed to the enthusiasm of the crypto community.

Examples include the launch and adoption of Solana Pay, which enables fee-free and real-time transactions with a purportedly negligible environmental impact, and the platform’s NFT market growth, fueled by the expansion of Magic Eden.

Pushing Defi’s Potential With Solanax Dex

On May 3, 2022, One of Solana’s automated market makers (AMMs), Solanax, was launched. The cross-chain dex provides lightning-fast transactions and a wide range of income-generating capabilities. The Solana blockchain was selected as the foundation for low-cost, high-speed transaction processing. The Proof-of-History consensus is a permissionless, high-performance blockchain (PoH).

Solana is a popular choice for users and developers alike because of the advantages it provides over other blockchain ecosystems.

The cross-bridge Wormhole will be used by Solanax to link to Ethereum blockchain projects and digital assets, making it easier for the crypto community to accept and move tokenized assets from one blockchain to the next, increasing interoperability and liquidity.

Tokenized assets on the Ethereum blockchain can be combined with Wormhole for faster and cheaper transactions. Traders will have better control over their trading activity thanks to Solanax.