Renowned cryptocurrency exchange, Coinbase has announced the completion of a takeover deal involving Solana-based DEX, Vector. The exchange confirmed the agreement on Friday through a post on its official X page.
According to the statement, the acquisition of the decentralized trading platform will give Coinbase the opportunity to tap into the fast-growing Solana ecosystem. The centralized trading platform describes Solana as one of the most active and high-velocity trading ecosystems in the crypto space.
As a result of the deal, Coinbase will integrate Vector into its platform. However, the exchange swiftly established that it will not collapse the structure of Tensor, the firm behind Vector. Instead, Coinbase established that the project team will continue to operate independently.
By extension, the Tensor Foundation, a community governance protocol, and the Tensor NFT marketplace will also function anonymously. As per the statement, the exchange aims to broaden the availability of assets on its platform to improve the overall trading experience.
With Vector, Coinbase aims to take a bold step towards its vision of building “ the everything exchange” by offering various crypto products. The firm mentioned how the on-chain presence of the DEX will offer faster, cheaper, and round-the-clock transactions.
Additionally, Coinbase narrated how Vector has an infrastructure that helps crypto traders identify new and trending assets. Meanwhile, the exchange failed to communicate the value of the takeover deal, while establishing that the deal is subject to customary closing conditions.
Side Note
It is worth mentioning that Vector’s acquisition by Coinbase underlines how Solana has continued to generate interest. In the last few years, Solana has earned a solid recognition for its support of a wide range of decentralized solutions including NFTs, meme coins, DEXs, and many others.
According to DeFiLlama, the Solana network currently has a Total Value Locked (TVL) of $8.63 billion, which makes it one of the leading DeFi networks. However, SOL, the native token of Solana, is enduring the broader price meltdown that rocked the cryptocurrency market.
In the last 30 days, SOL has dipped by 31% and is trading at $127. The cryptocurrency market despite nearing a market capitalization of $4 trillion in October has plummeted to $2.8 trillion in less than 30 days.
This massive selloff has placed traders on alert as the recent dip is showing signs of being severe compared to what the sector endured in 2022.
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