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Solana Tokens Now Supported by Coinbase Wallet as SOL Price Approaches $90

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Thu, 03/17/2022 - 20:37
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Alex Dovbnya
Coinbase Wallet's browser extension now supports the Solana ecosystem
Solana Tokens Now Supported by Coinbase Wallet as SOL Price Approaches $90
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Coinbase Wallet, a self-custody cryptocurrency wallet, has started rolling out support for tokens from the Solana ecosystem for its browser extension, according to a blog post published earlier this Thursday.

Solana emerged as one of the leading blockchain projects in 2021, with its native SOL token experiencing a massive price rally There are now more than 1,400 projects on top of Solana.   

The SOL cryptocurrency is currently approaching the $90 mark after spiking more than 5% over the last 24 hours. The token is still down 65.12% from the Nov. 6 all-time high of $259.96.

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As of now, it is in fifth place by total value locked among other smart contracts platforms that vying for dominance in the decentralized finance space, according to data from DefiLlama.

Users can send, store and receive Solana-based tokens, but Coinbase Wallet doesn’t support Solana-based decentralized applications (dApps) for now. Such a feature is already supported by existing Solana-focused wallets such as Phantom. The extension will add decentralized applications within the next few months. Users will be able to view and manage non-fungible tokens issued on top of the blockchain.   

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Prior to adding Solana, Coinbase Wallet supported Ethereum Virtual Machine (EVM)-compatible projects such as BNB Chain and Avalanche. In July, it added support for Polygon, a layer-2 scaling solution for the Ethereum network.          

As reported by U.Today, Coinbase launched the browser extension last May, making it easier for various decentralized applications.  

It is worth noting that Solana ecosystem tokens will not be visible in the mobile version of Coinbase Wallet.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.