Coinbase Adds Solana Tokens to a Non-EVM Self-Custody Wallet for the First Time

However, refrain from experimenting with Solana-based DeFi just now. Coinbase Wallet is currently unable to connect to Solana dapps.

Coinbase’s self-custody cryptocurrency wallet added Solana ecosystem tokens on Thursday, broadening the coverage of the MetaMask competitor.

Solana Program Library (SPL) tokens – Solana’s take on Ethereum’s ERC-20 tokens – are now available on Coinbase Wallet as the first non-Ethereum-compatible crypto asset. Previously, the browser extension and app were restricted to networks powered by Ethereum Virtual Machines such as Polygon, BNB Chain, and Avalanche.

Solana’s contribution primarily serves to validate this blockchain’s ecosystem of token-linked lending, trading, governance, and deposit-accepting stablecoin businesses. It comes on the heels of Coinbase’s launch of trading for two similar projects last month: Bonfida and Orca.

Coinbase’s self-custody cryptocurrency wallet added Solana ecosystem tokens on Thursday, broadening the coverage of the MetaMask competitor.

Solana Program Library (SPL) tokens – Solana’s take on Ethereum’s ERC-20 tokens – are now available on Coinbase Wallet as the first non-Ethereum-compatible crypto asset. Previously, the browser extension and app were restricted to networks powered by Ethereum Virtual Machines such as Polygon, BNB Chain, and Avalanche.

Solana’s contribution primarily serves to validate this blockchain’s ecosystem of token-linked lending, trading, governance, and deposit-accepting stablecoin businesses. It comes on the heels of Coinbase’s launch of trading for two similar projects last month: Bonfida and Orca.

The cryptocurrency exchange stated that other Solana integrations are on the way, including support for non-fungible Solana coins (NFTs). Additionally, the possibility to integrate Coinbase Wallet with Solana dapps is coming soon.

“At the moment, you can store, transmit, and receive Solana tokens. “Dapp connections, trading, and NFTs are coming shortly,” the app’s header announced Thursday.

Due to the fact that SPL support was announced prior to dapp compatibility, Coinbase Wallet has limited functionality within the Solana ecosystem — whether for trading decentralized finance (DeFi) or purchasing NFTs. Phantom and Solflare, two competing Solana wallets, both provide this capability; they even have an interface for users to stake coins within the app.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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