SOL Surges 17% After Coinbase Lists Solana-Based Project Tokens for First Time

By victoria
February 1, 2022 Updated March 2, 2022
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Solana marred by outages this week

It is now official – Coinbase has listed Solana-Based project tokens for the first time. In addition, it is reported that Coinbase has started accepting inbound transfers of two Solana ecosystem tokens, FIDA and ORCA, confirming CoinDesk’s earlier reporting. The announcement was made in a tweet that revealed that as per a new policy, the expansion adds SPL tokens (Solana’s ERC-20 equivalent) to Coinbase’s token menagerie for the first time.

Solana price jumps 17 percent

Solana’s SOL jumped 17% in the past 24 hours to regain the $100 and above level after the news.

It previously stuck to layer one coins and tokens built atop the Ethereum blockchain.
Inbound transfers for Bonfida (FIDA) and Orca (ORCA) are now available on @Coinbase and @CoinbaseExch in the regions where trading is supported. Trading is not enabled at this time. If liquidity conditions are met, trading will begin on or after 9 AM PT on Tuesday, February 1.

Both Orca and Bonfida are decentralized exchanges for Solana-based assets, including wrapped tokens. As soon as the news broke, ORCA rallied before giving much of the gains back by press time. FIDA dropped.

This throws up an important question- Does “more tokens” mean less “Coinbase effect”? This question needs to be pondered upon, especially after the announcement by CEO Brian Armstrong’s tweeted plans to list “every” asset where possible.

The stated mission to list every allowable crypto is a huge step forward, with plans to list Solana’s answer to the ERC-20. The US-based crypto exchange has already made it clear that it plans to enable withdrawals of SPL, or “Solana Program Library,” tokens – Solana’s answer to Ethereum’s ERC-20. Solana-native USDC, with its $4.8 billion in circulating supply, would be among the supported assets.

Victoria is a Nigerian journalist and entrepreneur with a background in Communications. She's interested in writing about Cryptocurrency, Blockchain and Humans. She owns a tad bit of BTC and ETH and her favorite thing to do is sit by the ocean listening to Beyoncé.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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