The leading US cryptocurrency exchange has added wallet support for Solana (SOL) and its Solana token (SPL) ecosystem.
Coinbase cited growing interest in Solana over the past 12 months as investors look for affordable alternatives to Ethereum as the main reason for adding support for the network.
Expanded wallet support came just a few days after the company launched Coinbase Pay, so users can fund their wallet directly through a browser extension.
In a blog post on Friday announcing the move, the company also outlined plans to “further integrate” with Solana by connecting the Coinbase wallet to decentralized applications (DApps) and non-fungible tokens (NFTs) hosted on the network, which is known to be led by the president. FTX CEO Sam Bankman-Fried.
Solana-based wallet users such as Phantom and Solflare can now also import their existing wallets into Coinbase Wallet via the desktop extension.
With the addition of the Solana network, the Coinbase wallet now supports Ethereum, Avalanche, Polygon, BNB Chain, Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Stellar Lumens, and Ripple Network. Coinbase:
“Many users have been looking for scalable networks that offer affordable transactions and fast transaction times. Solana was one of the fastest growing blockchains last year.”
According to DefiLlama, the Solana blockchain currently ranks 5th in terms of total value locked (TVL) in decentralized finance (DeFi) protocols at $6.94 billion. CryptoSlam ranked the NFT data aggregator as the second largest blockchain in terms of secondary sales last month at $156.28 million.
Related Topics: What is Solana’s Salary (SOL) and how does it work?
As with most crypto markets that have performed well this year, the price of SOL has dropped 18% over the past 30 days to $85.90 at the time of writing. In the short term, Cointelegraph’s Rakesh Upadhyay set a $122 upside target for SOL if the price crosses the $86 20-day moving average, or a downside target of $66 if the market fails to support and stay above that level. Area. .