Coinbase offers a simple solution where in users can have having all SOL and SPL tokens and all of their EVM-compatible assets in one place with the Solana Wallet.
Solana and Coinbase
Solana is a crypto computing platform that aims to achieve high transaction speeds without sacrificing decentralization. It employs a bundle of novel approaches, including the “proof of history” mechanism. Solana’s native cryptocurrency is SOL, which is used to pay transaction fees and for staking. Solana users had to keep track of their assets across multiple surfaces.
Solana platform stated that with the ongoing boom of all-related entities like the web3, decentralized applications, NFTs, and decentralized finance (DeFi) on the Solana blockchain network has made it possible for the Solana surge. Eventually, they were able to “build a vibrant community of both developers and users along the way.”
Coinbase Wallet also stated that “this launch is just the beginning”. The platform plans to add more features related to the Solana ecosystem, “including the ability for users to connect to Solana dapp and the ability to view and manage their Solana NFTs directly within their Coinbase Wallet extension.”
Importing Solana Wallet
Coinbase stated that the usage of blockchain has revealed scaling issues that the potential to leave users with high network fees and long transaction processing times. Many users seek networks that are “optimized for scale,” and Solana has become one of the most popular one. Their low-cost and fast transaction has turned over $7.35B in TLV and more than 1,400 projects launched, spanning DeFi, NFTs, and web3.
Ethereum network is the most leading position in the NFT ecosystem. Besides its much larger records of NFT trading, major social media platforms like Instagram and Twitter are integrating Ethereum-based NFT features and pay-per-view site. It allows users to mint their profile pictures on the Ethereum blockchain.
The Push of Ethereum NFTs
Ethereum NFTs also have a very larger support from celebrities and brands. Meanwhile, Solana’s NFTs are often recognizable because of their colorful pixel and many claim its users are more interested in flipping and less in collecting. The lower costs of using the Solana network is the best target amongst NFT traders of less purchasing power, usually in the short-term profit than sentimental holding – which is seen among the NFT communities. The development of social media platforms start to pay more attention to the SOL network and possibly add support for its NFTs.
SOL has gained 1.42% on March 18, 2022 and its trading volume saw an 11.99% increase in the day.
Furthermore, celebrities like Michael Jordan and Mila Kunis have turned their heads toward Solana and recently started to launch projects in the network.
Tokens Supported by Coinbase
Conclusion
Coinbase is one of many new crypto solutions aiming to make crypto networks faster and more scalable.
Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9
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