Coinbase Lists Solana-Based Project Tokens for First Time

Coinbase on Monday began accepting inbound transfers of two Solana ecosystem tokens, FIDA and ORCA, confirming CoinDesk’s earlier reporting.

Announced in a tweet (per a new policy), the expansion adds SPL tokens (Solana’s ERC-20 equivalent) to Coinbase’s token menagerie for the first time. It previously stuck to layer 1 coins and tokens built atop the Ethereum blockchain.

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Orca and Bonfida are decentralized exchanges for Solana-based assets, including wrapped tokens. Already in the green for the day, ORCA rallied within minutes of Coinbase’s announcement before giving much of it back by press time; FIDA dropped.

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Does “more tokens” mean less “Coinbase effect”? It could be a factor to consider as the publicly traded exchange executes CEO Brian Armstrong’s tweeted plans to list “every” asset where possible.

Read more: Coinbase Close to Listing Solana Ecosystem Tokens: Sources

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