Crypto Exchange Coinbase Announces Support for Two Low-Cap Solana (SOL) Based Altcoin Projects

Crypto Exchange Coinbase Announces Support for Two Low-Cap Solana (SOL) Based Altcoin Projects

Top US digital asset exchange Coinbase has announced it will be adding two Solana (SOL)-based crypto projects to their list of tradable altcoins.

Announcing via Twitter, Coinbase says it will be adding support for Marinade (MNDE) and Marinade Staked SOL (mSOL) on the Solana network, with trading beginning on November 3rd once liquidity conditions are met.

Both altcoins will be listed under Coinbase’s Experimental Label, which the exchange created for riskier, lower liquidity crypto assets.

Marinade is a decentralized autonomous organization (DAO) that aims to make Solana more censorship-resistant and composable through liquid staking. It delegates staked SOL through a permissionless algorithm to validators to help the network’s decentralization.

MNDE is the DAO’s governance token, which can be used to take part in the governance of the Marinade protocol and treasury.

Marinade stakers receive mSOL as staking rewards, and are free to use their mSOL for decentralized finance (DeFi) activities or swap for Solana (SOL) itself.

MNDE has a circulating supply of 144 million, and a market cap of just over $12 million at time of writing. The Solana-based altcoin is currently trading for $0.085, up 11% in the last 24 hours.

mSOL has a circulating supply of 6.9 million, and currently has a market cap of $232 million. It’s trading for $33 at time of writing, about 87% down from its all-time high of $262.

Coinbase CEO Brian Armstrong said earlier this year that the exchange aims to list as many crypto assets as possible, as long they meet certain standards.

“It’s kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently, it’s probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are…”

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Featured Image: Shutterstock/marymyyr

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