Coinbase diverges from Ethereum, lists Solana based tokens FIDA and ORCA
ambcrypto.comEthereum‘s infrastructure for smart contract-based decentralized applications has so far been unmatched in the blockchain industry, primarily due to its first-mover advantage. However, this dominance has been waning significantly over the past couple of years with the emergence of several alternative layer 1 networks that offer similar features to Ethereum, often at a lower price and higher speed.
The prominence of its rivals has now begun to come to the forefront, most recently highlighted in Coinbase’s decision to list Solana-based tokens. This marks a sharp exit from its earlier focus on exclusively Ethereum based or other Layer 1 tokens.
The top cryptocurrency exchange has now begun accepting inbound transfers of two Solana ecosystem tokens, FIDA and ORCA, as per a statement from the firm. Both of these are Solana Program Library (SPL) tokens, which are equivelant to Ethereum’s ERC-20 tokens. They belong to decentralized exchanges Bonafide and Orca, which are built on Solana to facilitate trade for Solana-based assets.
<p lang=«en» dir=«ltr» xml:lang=«en»>Inbound transfers for Bonfida (FIDA) and Orca (ORCA) are now available on @Coinbase and @CoinbaseExch in the regions where trading is supported. Trading is not enabled at this time. Trading will begin on or after 9AM PT on Tuesday, February 1, if liquidity conditions are met. pic.twitter.com/0dtwx0CcgD— Coinbase Assets (@CoinbaseAssets) January 31, 2022
The development can be viewed as another trophy for Solana, which is often touted as one of the primary ETH-killers in the market. This follows rumors about NFT marketplace OpenSea testing the integration of NFTs minted on Solana, along with its primary wallet Phantom. When it comes to listings, OpenSea too has followed
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