Coinbase Wallet has just added support for the Solana (SOL) ecosystem and will support more NFTs and DApps in the near future.
Solana and Coinbase
Self-custodian wallets have introduced an early stage of support for the ecosystem by allowing users to send, receive, and store SOL and SPL tokens via browser extensions. The platform said this first step “allows users to unlock more web3s without having to manage multiple wallets.”
“Users can now manage Solana (SOL) and Solana tokens (SPL) along with tokens held on all networks supported by the Coinbase Wallet extension, including Ethereum, Avalanche, Polygon, and BNB chains. became.”
While the platform continues all the booms related to web3, decentralized applications, NFTs, and decentralized finance (DeFi), Solana surges and “builds a vibrant community for both developers and users. I did. “
Support is important to the network, as the network is aiming for similar or higher levels of adoption following Ethereum.
“This launch is just the beginning,” Coinbase Wallet said. The platform will add more features related to the Solana ecosystem, such as “the ability for users to connect to Solana dapps and the ability to view and manage Solana NFTs directly within the Coinbase Wallet extension”.
Whereas Solana users had to “track assets across multiple surfaces,” the Coinbase Wallet extension brings all SOL, SPL tokens, and all EVM-compatible assets together in one place for a simple solution. It came to offer. They further explained that it’s easy to import an existing Solana wallet into a Coinbase wallet.
In addition, SOL and SPL tokens are only visible from the Coinbase Wallet extension, not the mobile app.
Related reading | Coinbase Backed Center deploys identity solutions and how they will impact the future DeFi
Push to grow beyond Ethereum
Coinbase pointed out that the surge in blockchain interest and use “revealed scaling issues that could leave users with high network charges (or” gas “) and long transaction processing times.”
Many users want a “scale-optimized” network, making Solana one of the most attractive networks. Their low-cost, high-speed transaction has become “1,400 projects across DeFi, NFT, and web3 have been launched.”
However, recently, the Ethereum network seems to have taken a leading position in the NFT ecosystem. In addition to a much larger record of NFT transactions, major social media platforms such as Instagram and Twitter have integrated Ethereum-based NFT capabilities. OnlyFans on the pay-per-view site allows users to create profile pictures on the Ethereum blockchain.
Ethereum NFTs are also getting more support from celebrities and brands. The work directed to the network seems to be aimed at the platform of collectors and art lovers, with a wide range of shapes, compositions, methods and so on.
Solana’s NFTs, on the other hand, are often perceived because they are colorful yet monotonous “pixel art,” and many argue that users are interested in reversals and not in collection. I am.
Some people think this is due to low liquidity. Due to the low cost of using the Solana network, we find the best target among low purchasing NFT traders and are usually more interested in short-term benefits than the sentimental hodling commonly found in the Ethereum NFT community.
However, with this latest development, many want the social media platform to start paying more attention to the SOL network and perhaps add support for its NFTs.
In addition, celebrities such as Michael Jordan and Mila Kunis turned their heads to Solana and recently started launching projects on the network.
Related Readings | How Michael Jordan Bets on Solana NFTs with New App
SOL has increased by 1.42% in the last 24 hours and its trading volume is It increases by 11.99% in one day.
