Top crypto exchange Coinbase has been leading in their support for altcoins, adding altcoin support regularly to their platform. The latest move is the announcement of their support for two low-cap Solana (SOL) based altcoins. Coinbase made the official announcement through Twitter on November 2.
Coinbase lists Solana Altcoins for trading
The two altcoins, Marinade (MNDE) and Marinade Staked SOL (mSOL), are both projects on the Solana blockchain network. Coinbase will begin trading these altcoins on November 3rd, pending liquidity conditions being met.
Solana is a high-throughput blockchain platform, capable of handling over 50k transactions per second. It has gained popularity amongst decentralized finance (DeFi) projects and has seen a surge in adoption in recent months.
MNDE and mSOL are Solana-based tokens, with MNDE being used as collateral for the creation of synthetic assets on the Serum DEX, and mSOL being staked SOL tokens that earn a yield for their holders. Coinbase will list both altcoins under its Experimental Label, which the exchange designed for riskier assets with less liquidity.
The Marinade DAO is dedicated to making Solana more censorship-resistant and composable through liquid staking. By delegating staked SOL to validators through a permissionless algorithm, it helps the network become more decentralized.
MNDE is the DAO’s governance token, which allows users to participate in decisions regarding the Marinade protocol and treasury. Stakers who put their Marinade in a staking pool will receive mSOL as reward, which they can use for decentralized finance activities or convert to Solana (SOL).
These altcoins offer unique utility in the Solana ecosystem and their addition to Coinbase may draw more attention to the Solana network.
Traders on Coinbase will now have access to these altcoins, allowing for further diversity in their portfolio and potentially creating more demand for SOL and its associated altcoins.
At the time of writing, mSOL has a circulating supply of 6.9 million and a market cap of $232 million. It is currently trading for $33, which is about 87% below its all-time high of $262. Meanwhile, MNDE is trading for $0.085, up 11% in the last 24 hours.
Coinbase continues to show its support for a wide array of cryptocurrencies, providing more options for traders and potentially driving more adoption for these altcoins. In June this year, Coinbase announced an easy and secure way for eligible customers to earn staking rewards on Solana (SOL). With a customer network that boasts 73 million users in over 100 countries globally, Coinbase can easily be regarded as one of the world’s biggest cryptocurrency exchanges.