Solana is the first non-EVM chain to be supported by the Coinbase self-custody wallet.  Covered: The End of ERC-20 Dominance What This Means For Solana Users The End of ERC-20 Dominance Coinbase Wallet, separate from the trading app, offers users the ability to plug into different EVM networks and use dApps like Uniswap and also […] The post First Ever Non-Ethereum Chain To Be Natively Supported By Coinbase appeared first on CryptosRus.

First Ever Non-Ethereum Chain To Be Natively Supported By Coinbase

Solana is the first non-EVM chain to be supported by the Coinbase self-custody wallet. 

Covered:

  • The End of ERC-20 Dominance
  • What This Means For Solana Users

The End of ERC-20 Dominance

Coinbase Wallet, separate from the trading app, offers users the ability to plug into different EVM networks and use dApps like Uniswap and also custody their crypto. In many ways, it is just like Metamask. Before today, it was 100% catered towards Ethereum, supporting only Fantom, Polygon, Artbitrum, Optimism, and Avalanche’s C-Chain.

What this means is that Coinbase Wallet only supported network protocols that were EVM compatible, and thus only natively supported ERC-20 or ERC-720 tokens. This has been the norm in crypto, as Ethereum has always dominated CEX wallets and support. In fact, you will scarcely find non-ERC-20 assets trading on major exchanges like Coinbase.

ERC-20 Tokens

For example, Ethereum has its ERC-20 tokens, meaning they are only transactable on the Ethereum mainnet. Algorand has its ASA tokens, which are simply their equivalent to ERC-20 tokens. Most centralized exchanges have not onboarded these newer non-EVM chains and do not host their native assets, like Algorand’s ASA’s.

That all changed today. Solana’s native assets, SPL’s, are now the first non-Ethereum-compatible crypto asset on Coinbase Wallet. What this means is that the network itself, beyond merely the trading of the SOL token, is being supported; this means dApp support.

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What This Means For Solana Users

This “greenlights Solana’s ecosystem of token-linked lending, trading, governance and stablecoin projects for deposit.” This is a turning point in the history of crypto and indicates Ethereum is losing its total stranglehold on network support by centralized exchanges.

In a press release, Coinbase noted over the past year, “there has been a surge in interest and usage of blockchain networks”. They also pointed out the prohibitive gas fees of Ethereum necessitating support for other chains. While dApps are not quite integrated yet, Coinbase says that is coming soon.

They have released a step-by-step guide for users of the Phantom wallet or Solflare wallet to easily integrate with the Coinbase wallet. This integration, Coinbase says, “allows users to unlock more of web3 without needing to manage multiple wallets.”

While the wallet integration may not sound like much, it is the integration of the network which is key. This opens up the trading of NFTs, usage of dApps, the metaverse, and will overall greatly increase the usage and adoption of Solana.  Also, as mentioned above, it signals that the future certainly will be multi-chain.

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