Coinbase reveals plans to list the native token of the scalable blockchain Solana (SOL) on the professional trading platform Coinbase Pro of the Crypto Exchange.
In a blog post, Coinbase says the token will be listed sometime in the last seven days of May. SOL deposits on Coinbase Pro have already started.
“We are now accepting incoming transfers from SOL to Coinbase Pro. Trading will begin on or after 9 a.m. Pacific Time (PT) on Monday, May 24th if the liquidity conditions are met. “
Initially, Coinbase Pro users can trade SOL paired with Bitcoin, Tether and three fiat currencies – the US dollar, the euro and the pound sterling (GBP).
“As soon as a sufficient supply of SOL has been made on the platform, trading in our SOL / USD, SOL / BTC, SOL / EUR, SOL / GBP and SOL / USDT order books will start in three phases: Post- Only, limit only and full trading. “
Among the leading blockchain platforms, the price of Solana’s native token has been one of the fastest growing. Over the past 12 months, Solana’s domestic token has risen over 11,000% from top to bottom, and SOL is up around 3,000% since the start of the year.
Solana uses the Proof-of-Stake (PoS) and Proof-of-History consensus mechanisms and claims that the platform can process 65,000 transactions per second (TPS). Its main competitor, the leading intelligent contract platform Ethereum, can currently process up to 16.5 transactions per second using the slower and less efficient PoW (proof-of-work) consensus mechanism.
Shortly after Coinbase Pro made its announcement on Twitter, SOL pumped from around $ 44 to $ 48. SOL ranks 15th among the top assets by market capitalization and has a valuation of $ 10.59 billion at the time of writing, according to CoinMarketCap.
Coinbase is now joining other US cryptocurrency exchanges such as Binance.US and FTX.US that have already added support for Solana’s native token.
Don’t Miss A Beat – Subscribe to send crypto email notifications straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check out the latest headlines
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are done at your own risk and that any losses are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / Tithi Luadthong