Coinbase is revealing plans to checklist the native token of scalable blockchain Solana (SOL) on the crypto alternate’s professional-level buying and selling platform Coinbase Professional.
In a weblog submit, Coinbase says that the token will probably be listed someday in the course of the closing seven days of Could. SOL deposits on Coinbase Professional have already commenced.
“Beginning instantly, we are going to start accepting inbound transfers of SOL to Coinbase Professional. Buying and selling will start on or after 9am Pacific Time (PT) Monday Could 24, if liquidity situations are met.”
Initially, Coinbase Professional customers will probably be able to commerce SOL paired with Bitcoin, Tether and three fiat currencies – the US greenback, the euro and the sterling pound (GBP).
“As soon as adequate provide of SOL is established on the platform, buying and selling on our SOL/USD, SOL/BTC, SOL/EUR, SOL/GBP, and SOL/USDT order books will launch in three phases, post-only, limit-only and full buying and selling.”
Among the many main blockchain platforms, the worth of Solana’s native token has been one of many fastest-growing. Over the previous 12 months, Solana’s native token has appreciated by over 11,000% top-to-bottom and year-to-date SOL has surged by roughly 3,000%.
Solana employs the proof of stake (PoS) and proof of historical past consensus mechanisms and claims the platform can handle 65,000 transactions per second (TPS). Its principal competitor, main sensible contract platform Ethereum, can at present process as excessive as 16.5 transactions per second utilizing the slower and fewer environment friendly proof-of-work (PoW) consensus mechanism.
Simply after Coinbase Professional made its announcement on Twitter, SOL pumped from round $44 to $48. SOL is ranked fifteenth on the highest belongings by market cap and holds a $10.59 billion valuation at time of writing, according to CoinMarketCap.
Coinbase now joins different US cryptocurrency exchanges akin to Binance.US and FTX.US which have already added help for Solana’s native token.
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