Coinbase, one of the leading cryptocurrency exchanges, is adding popular altcoin Solana (SOL) tokens to its non-EVM personal surveillance wallet (self-storage wallets). However, it is recommended that you do not try Solana (SOL) based DeFi yet. Coinbase wallet reports that it has not yet started connecting to Solana apps.
Famous crypto exchange Coinbase announced
As Somanews reported earlier, self-storage wallets essentially store “private keys” that allow you to securely access your blockchain-based assets, such as cryptocurrencies Bitcoin and Ether. Coinbase’s (COIN) self-storing crypto wallet added the Solana (SOL) ecosystem token on Thursday in the context of expanding its coverage capacity. Solana (SOL) program library (SPL) tokens – Solana’s version of Ethereum ERC-20 tokens – are now the first non-Ethereum-compatible crypto asset on the Coinbase Wallet. The browser extension and implementation was previously limited to Ethereum Virtual Machine networks such as Polygon, BNB Chain, and Avalanche.
The addition of Solana (SOL) has the primary effect of giving the green light to this blockchain’s ecosystem of stablecoin projects for token-linked lending, trade, governance, and deposit. It follows Coinbase’s trading launch for two such projects last month: Bonfida and Orca. In a blog post, the popular crypto exchange promised that more Solana integrations are coming soon, including support for Solana-based immutable tokens (NFT).
You can now store Solana token
Also coming soon is the ability to connect Coinbase Wallet to Solana decentralized apps (dapp). A statement within the app said Thursday, “You can now store, send and receive Solana tokens. Dapp connections, transaction and NFTs are coming soon,” he says. SPL support launched prior to Dapp compatibility means that Coinbase Wallet has limited functional use in the Solana ecosystem. Even if it is for decentralized finance (DeFi) transaction or NFT purchasing. Competing Solana wallets like Phantom and Solflare both have this feature. They even provide an interface for users to deposit funds within the app.