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Before its scheduled debut on Coinbase Pro, Solana is available on such trading platforms as Binance, Huobi Global, and FTX Derivatives Exchange amongst others.
Solana (SOL), a well-acclaimed blockchain network targeted at tapering down the dominance of Ethereum is set to launch on the professional trading platform Coinbase Pro. Following the earlier delay in the launch of the SOL tokens due to technical issues, Coinbase Global Inc (NASDAQ: COIN) has officially unveiled the resumption of deposits for the SOL cryptocurrency in all of the exchange’s supported jurisdictions.
The debut of cryptocurrencies and tokens on major trading platforms is one of the limelight of every project with native assets. The launch on exchanges boosts the token’s overall adoption and utility. This helps the projected growth of the blockchain protocol and keeps its ecosystem functional. Coinbase has been supported a growing number of projects lately, with the recent listing or addition of Chiliz (CHZ), Keep Network (KEEP), and Shiba Inu (SHIB). These listings, alongside that of Solana, are in response to its user’s demands.
According to the Coinbase announcement, the trading of SOL will commence on or after 9 AM Pacific Time (PT) Thursday, June 17, provided the required liquidity conditions are met.bThe exchange noted that the attainment of the liquidity conditions will open up the SOL-USD, SOL-BTC, SOL-EUR, SOL-GBP, and SOL-USDT order books which will launch in three phases including post-only, limit-only and full trading.
Orderly trading activity is needed to spike a transition from one phase to the other, however, there is no defined timeline for this to happen. Should this condition not be met, the exchange noted it can keep the book in one state for a longer period or suspend trading as per its well-defined Trading Rules.
About Solana and the Attractions to Coinbase Pro
Solana is a functional and decentralized computing platform that uses SOL to pay for transactions. As a blockchain platform, Solana brandishes a permissionless nature to provide decentralized finance (DeFi) solutions to a growing number of DApps, promises scalability, and offers a lower fee model compared to existing competitions.
The scalability feature Solana guarantees is made possible by using a combination of proof of stake consensus and so-called proof of history. Based on these technologies, the blockchain platform can process as many as 50,000 transactions per second, whilst maintaining its decentralization model.
Solana was founded by Anatoly Yakovenko and Greg Fitzgerald, both of whom have a stint with American technology firm QUALCOMM Inc (NASDAQ: QCOM). The Solana blockchain is soothing for both retail and enterprise usages and has been the underlying framework for several decentralized applications including but not limited to Serum, Terra, and Audius.