The Solana ecosystem is set for a massive market exposure as the second-largest cryptocurrency exchange by trading volume, Coinbase launched a new feature. On Thursday, Coinbase unveiled a new functionality on its decentralized exchange that allows users to trade all native Solana tokens.
According to an announcement on its official X page, the digital assets trading platform confirmed that the feature provides access to all tokens within the ecosystem even without listing. Instead of regular listing, Coinbase said it has integrated the Solana network with its DEX which automatically avails digital assets on the layer 2 blockchain.
According to a Coinbase protocol specialist, Andrew Allen said the innovation will support Solana tokens with improved liquidity. He explained that Solana-based digital assets are now accessible to millions of users on Coinbase without listing.
Meanwhile, the integration of Solana to Coinbase’s DEX is part of the exchange’s plan to expand its support for more blockchain networks. Coinbase took a bold step towards the vision in August after integrating tokens from its Base network.
By expanding support to Solana, Coinbase aims to bring more networks to its DEX platform to improve users’ experience.
How the new Coinbase feature will strengthen Solana’s presence in the DeFi space
The news of the integration adds to the recent developments that the Solana ecosystem has recorded in the last few weeks. Just today, Ellipsis Labs launched its Solana-based perpetual swap DEX.
Further, the DeFi firm through a statement said the platform is entirely on-chain, including its risk and matching engine. Thanks to its on-chain posture, the platform allows builders to seamlessly build on top of it.
However, the perpetual swap DEX is still in beta version and is still unavailable for public usage. In addition to generating massive attention in the DeFi market, Solana is already gaining acceptance among institutional investors.
In August, Sharps Technology raised $400 million to build the world’s largest Solana Treasury. While Solana is well-known as one of the leading decentralized ecosystems, the latest series of adoption will further solidify its position among the elites.
Currently, Solana controls a massive total value locked (TVL) of $8.7 billion according to DeFiLlama and only sits behind Ethereum.
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