COINBASE IS ABOUT TO LIST “SOLANA SYSTEM” TOKENS

America's largest cryptocurrency exchange Coinbase is planning to list prominent coins from the Solana ecosystem.

 

According to a CoinDesk insider , Coinbase is in the final preparations to support the Solana ecosystem in 2022.

 

At the moment, Coinbase only lists major coins like Bitcoin (BTC), Ethereum (ETH) and ERC-20 tokens, and some notable layer-1 coins like Avalanche (AVAX), Terra ( LUNA), Polygon (MATIC), Polkadot (DOT), Algorand (ALGO) and Cosmos (ATOM)… Even Solana (SOL) has been supported since May 2021.

 

CoinDesk confirmed that Coinbase is going to support Solana's SPL coins - a token standard similar to Ethereum's ERC-20. In particular, the earliest asset that can be supported is USDC, the stablecoin currently has a total supply on Solana of up to $ 4.8 billion. This move is also not surprising as USDC is a stablecoin jointly developed by Circle and Coinbase.

 

The following tweet will give readers an overview of the development level of the Solana ecosystem in 2021.

 

Although the Solana ecosystem has expanded significantly in 2021, it is still nowhere near the top Ethereum tokens. For example, the two most notable SPL tokens today after SOL, Raydium (RAY) or Serum (SRM), only have a market capitalization of less than 300 million USD, while the majority of ERC-20 tokens that Coinbase lists Listed all have surpassed the 1 billion USD mark. However, this is also a signal that the Solana ecosystem still has room to expand, at least according to market capitalization.

 

Solana's lock-in value (TVL) is also being surpassed by other ecosystems. At the time of writing, Solana's TVL is 7.66 billion USD, ranking 6th in the entire DeFi industry.

 

Solana network in December 2021 and January 2022 regularly recorded problems , causing a sharp drop in transaction processing capacity at the moment when the cryptocurrency market turned, which made many users feel uncomfortable. and disappointed that this inherent problem persisted despite the development team's repeated commitment to fix it.

 

Besides Coinbase, another major platform that previously only "exclusively" supported Ethereum, the NFT marketplace OpenSea, also leaked images of Solana's preparation to support NFT .