Crypto Exchange Coinbase Announces Support for Two Low-Cap Solana (SOL) Based Altcoin Projects
Top US digital asset exchange Coinbase has announced that it will add two Solana (SOL)-based crypto projects to its list of tradable altcoins.
Announcing via Twitter, Coinbase says it will add support for Marinade (MNDE) and Marinade Staked SOL (mSOL) on the Solana network, with trading starting 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 cryptoassets.
Marinade is a decentralized autonomous organization (DAO) that aims to make Solana more censorship resistant and composable through floating staking. It delegates the effort SOL through a permissionless algorithm to validators to aid the network’s decentralization.
MNDE is the DAO’s management token, which can be used to take part in the management of the Marinade protocol and the treasury.
Marinade players receive mSOL as stake rewards and are free to use their mSOL for decentralized finance (DeFi) activities or exchange for Solana (SOL) themselves.
MNDE has a circulating supply of 144 million, and a market cap of just over $12 million at the time of writing. The Solana-based altcoin is currently trading at $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 is trading at $33 at the time of writing, down about 87% from its all-time high of $262.
Coinbase CEO Brian Armstrong said earlier this year that the exchange aims to list as many cryptoassets as possible, as long as 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 getting one star consistently, it’s probably fraudulent or defective or something, and maybe Amazon will remove it. Otherwise will you let the market decide what these things are…”
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Featured image: Shutterstock/marymyyr
