Solana Tokens Are Now Backed By Coinbase Wallet As SOL Price Approaches $90


Alex Dovbnya

Coinbase Wallet Browser Extension Now Supports the Solana Ecosystem

Coinbase Wallet, a self-keeping cryptocurrency wallet, has begun rolling out support for tokens from the Solana ecosystem for its browser extension, according to a blog post published earlier this Thursday.

Solana emerged as one of the leading blockchain projects in 2021, with its original SOL token experiencing a massive price rally. There are now over 1,400 projects on top of Solana.

The SOL cryptocurrency is currently approaching $90 after peaking at more than 5% in the past 24 hours. The token is still 65.12% lower than its all-time high on November 6 of $259.96.

Image by coinmarketcap.com

As of now, it ranks fifth by overall value locked between other smart contract platforms vying for dominance in the decentralized financial space, according to data from DefiLlama

Users can send, store and receive Solana-based tokens, but Coinbase Wallet does not support Solana-based decentralized applications (dApps) for now. Such a feature is already supported by existing Solana-focused wallets such as Phantom. The extension will add decentralized applications in the coming months. Users can view and manage non-fungible tokens issued on top of the blockchain.

Before Solana was added, Coinbase Wallet supported Ethereum Virtual Machine (EVM) compatible projects such as BNB Chain and Avalanche. In July, it added support for Polygon, a layer-2 scaling solution for the Ethereum network.

As reported by U.Today, Coinbase launched the browser extension last May, making it easier for various decentralized applications.

It is worth noting that Solana ecosystem tokens are not visible in the mobile version of Coinbase Wallet.

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