Two Altcoin Solana-based Crypto Assets Rise 244% After Listing on Coinbase

Solana (SOL)-based crypto assets are surging after Coinbase supported them. According to Coinbase, customers can now trade the altcoins Marinade (MNDE) and Marinade Staked SOL (mSOL) on its platforms after initially adding them to its supported coins list.

“Coinbase will add support for Marinade (MNDE) and Marinade Staked SOL(MSOL) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost,” tweeted Coinbase. 

The Two Coin Are Listed in The Experimental Assets Label

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Both cryptocurrencies are classified as experimental assets, which the exchange assigns to cryptocurrencies with low trading volumes that are considered riskier.

“Marinade (MNDE) and Marinade Staked SOL (MSOL) are now live on & in the Coinbase iOS & Android apps with the Experimental label. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets,” said Coinbase.

Marinade is a decentralized autonomous organization (DAO) dedicated to making Solana more censorship-resistant and composable.

Through a permissionless algorithm, staked SOL is delegated to validators, which helps to decentralize the network.

Marinade Price

In the last 24 hours, Marinade Finance’s governance token MNDE, which helps maintain decentralization in the Solana ecosystem, has gained 244.92%.  At the time of writing, the crypto is valued at $0.247 according to CoinMarketCap. 

“Trading will begin on or after 9AM PT on 3 November 2022, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our MNDE-USD and MSOL-USD trading pairs will launch in phases,” said Coinbase

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The price of mSOL, a liquid staking token that rewards holders of SOL tokens for staking on the Marinade protocol, has increased by 0.33% in the past 24 hours. mSOL price is currently changing hand for $34.53.

According to CEO Brian Armstrong, Coinbase plans to list as many crypto assets as possible, as long as they meet certain requirements.

“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…” he said.

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Jamilatul Mahmudah

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