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 (COIN) self-custody cryptocurrency wallet welcomed Solana ecosystem tokens on Thursday, broadening the coverage of the MetaMask rival.
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 crypto exchange vowed in a blog post shared with CoinDesk that further Solana integrations would be coming shortly, including support for non-fungible Solana coins (NFT). Additionally, the possibility to integrate Coinbase Wallet with Solana decentralised apps is coming soon.
“At this time, you may save, transmit, and receive Solana tokens. “Dapp connections, trading, and NFTs are coming shortly,” the app’s header said Thursday.
Due to the fact that SPL support was announced prior to dapp compatibility, Coinbase Wallet has limited functionality inside the Solana ecosystem — whether for trading decentralised 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 inside the app. Coinbase did not reply to requests for comment.