Coinbase adds Solana (SOL) to staking offering
Coinbase has expanded its staking offerings to include Solana (SOL), meaning that once a Coinbase customer buys SOL, they can automatically start earning rewards via staking.
The current estimated annual return for Solana staking on Coinbase is ~3.85% APY, according to the exchange.
Solana staking will be progressively rolled out to all eligible Coinbase customers as the digital asset exchange scales its staking portfolio in 2022.
Clients can expect rewards every every three to four days and start their staking account with as little as $1. Customers can opt out any time they want because there is no lock up period imposed by the exchange.
Users are free to request their staked assets be traded or transferred at any time, but that will come at a cost.
Coinbase supports transactions on Solana and Polygon
Coinbase has recently announced support for on-chain transactions through the Polygon and Solana blockchains.
With the new inclusion, the exchange users can send and receive ETH, MATIC, and USDC on Polygon, and USDC on Solana. The Polygon integration marks the first time Coinbase has enabled the ability to send and receive these assets on an L2 or sidechain.
Additionally, the crypto exchange has pledged more integrations shortly. It will add support for Solana-based non-fungible tokens (NFT) and the ability to plug Coinbase Wallet into Solana decentralized applications (dapp).
Coinbase senior product manager Adam Zadikoff said in a release that Ethereum’s high gas fees have priced out millions of would-be users. As such, the trend caused more affordable networks like Polygon and Solana to increase in popularity. However, he acknowledges that the process of funding wallets on these networks can be complex and time-consuming.
Coinbase Wallet to further integrate with Solana ecosystem
Earlier this year, Coinbase Wallet extended support for the Solana blockchain, meaning with will be providing an added layer of security for the users who opt for managing their SOL and Solana-based SPL tokens using the extension.
Available in the Chrome Web Store, Coinbase Wallet extension acts as a noncustodial wallet that allows users to store and transact several cryptocurrencies. As new Web 3 applications in the crypto space continue to come at a rapid pace, the utility of the wallet has expanded to include NFTs.
Coinbase plans to further integrate with the Solana ecosystem, including the ability for its wallet users to connect to Solana dapps, view and manage their Solana NFTs directly within their extension.