US-based cryptocurrency exchange Coinbase (NASDAQ:COIN) announced this week that it has added support for Solana. However, investors can now add Solana (SOL) and Solana ecosystem tokens (SPL) to their wallets, as well as tokens held in all supported networks of the wallet service.
Coinbase wallet support will facilitate the management of crypto assets in different networks without the need for multi-wallet management. While it is stated that this is a start, according to the statement made on the official site, further integration into the Solana ecosystem is planned, with features such as the ability of the Coinbase wallet to connect users to Solana applications and view and manage their Solana-based NFTs directly through the Coinbase wallet extension.
The Coinbase Wallet extension currently supports other networks such as Ethereum, Avalanche, Polygon, BNB Chain. The crypto platform demonstrates its intention to increase its dominance in the Web3 space with the addition of support for the Solana ecosystem.
The Solana network currently has a total locked value of close to $7 billion. Solana is seen as one of the fastest growing blockchains with over 1,400 projects including DeFi, NFT and Web3 industry. The serum platform, on the other hand, seems to be the most dominant project with a 14% dominance rate in the Solana network. After peaking at $15 billion on November 9, the total value locked in the Solana network, after staying in the peak region in November-December, it declined and lost half of its total value.
Coinbase Product Manager Adam Zadikoff said Solana is an important experience for Web3 as he recognizing that the crypto industry will reach more people with low fees and fast transactions.
Solana price is $86.04 at the time of writing and the last 24-hour trading volume is $2,061,361,979. SOL price has decreased by -4.7% in the last 24 hours. There is a supply of 320 Million SOL coins in circulation, with a total supply of 508 Million coins. Binance is currently the most active market where SOL is traded.