Introduction
In a move that has surprised many in the crypto world, Coinbase has announced that it will be accepting inbound transfers of two small-cap altcoins built on the Solana blockchain. FIDA and ORCA are both enjoying a price boost as a result.
Two small-cap altcoins built on Solana (SOL) are enjoying a boost after getting a surprise listing from Coinbase.
The top crypto exchange in the US suddenly announced it would be accepting inbound transfers of Solana-based projects Bonfida (FIDA) and Orca (ORCA).
Solana-Based Serum For Data Driven Crypto Traders
Bonfida is built on top of both Solana and Solana-based Serum (SRM) and aims to be an all-in-one platform for data-driven crypto traders. Its platform focuses on metrics like exchange statistics, crypto company reviewing and scoring, crypto trends, and more.
Bonfida also aims to build solutions for a decentralized name service and a platform for an NFT exchange on Solana. FIDA, the project’s governance token, can be used to vote on the future of the protocol.
After the announcement from Coinbase, FIDA rallied from around $2.15 to $2.75 before correcting. The Solana token is still recovering from a massive drop from its all-time high of $18.77 in November and remains roughly 86% down.
In the same announcement, Coinbase said it would be listing Orca, which aims to be the most user-friendly decentralized exchange (DEX) on Solana. Orca is a general-purpose automated market maker (AMM) on the Solana blockchain that allows users to swap tokens, stake, and earn yield.
Altcoin ORCA Up 19% The Last Week
Following the Coinbase listing, ORCA rallied from around $3.51 to $4.16 for a quick 18% gain. ORCA remains over 70% up on the week and 19% up in the last 24 hours at time of writing.
Coinbase’s listing of the Solana-based projects comes following a report last week that it would be listing a new class of assets from the Ethereum competitor’s ecosystem. Sources said the exchange was indeed planning on listing altcoins from the Solana Program Library (SPL), Solana’s smart contract token standard.
At time of writing, Solana is trading at $112, up 22% in the last week but significantly down from its all-time high of $260.
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