Coinbase is shifting deeper into the Solana ecosystem, letting customers commerce native Solana tokens by means of a decentralized change integration fairly than conventional listings.
Andrew Allen, Coinbase protocol specialist, stated in an X put up that Coinbase now permits its customers to commerce all Solana (SOL) tokens by means of a decentralized change (DEX) integration, “with out listings,” he famous, including that “very quickly it is possible for you to to open the Coinbase app and see native Solana belongings on Coinbase.”
“For issuers and builders, in case your token has adequate liquidity, this implies you will be accessible to the tens of millions of customers on Coinbase with out getting listed,” Allen stated.
The announcement follows Coinbase’s integration of tokens from its Base blockchain by means of the same DEX integration in early August. The announcement famous that the change plans to “broaden DEX help to incorporate further networks, beginning with Solana.”
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Solana’s DeFi ecosystem is booming
Coinbase’s integration comes amid a slew of developments in Solana’s decentralized finance (DeFi) ecosystem.
Earlier Thursday, DeFi firm Ellipsis Labs introduced the launch of its Solana-based perpetual swap DEX. The announcement claims that the platform is totally onchain — together with the chance and matching engine — permitting anybody to construct on prime of it. Nonetheless, the platform is at the moment in non-public beta and never but open to most of the people.
The launch coincides with a brand new “Solana Lending Markets Report 2025,” shared with Cointelegraph by DeFi infrastructure agency Redstone. The report argues that “DeFi methods on Solana have reached institutional-grade sophistication” and factors to robust progress in Solana’s onchain lending and buying and selling exercise.
Redstone claims that “Solana has turn into a dominant power in on-chain finance” and “processed $35.9 billion in peak every day DEX quantity.” The corporate expects the subsequent wave of progress to deal with “tokenized real-world belongings and institutional capital deployment.”
“Bringing conventional finance onchain at scale can unlock trillions in Web Capital Markets. Solana’s infrastructure is positioned to seize a big share of this enlargement.“
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Centralized and decentralized exchanges collide
The Coinbase integration is simply the newest manifestation of a broader development: centralized exchanges are more and more integrating DEX platforms and serving as a user-friendly entrance finish for them. In early October, Sergej Kunz, the co-founder of DEX aggregator 1inch, said that centralized crypto exchanges will regularly fade and serve solely as frontends for decentralized finance.
The panorama is shifting, with DEX platforms seeing rising liquidity, quicker order execution instances, decrease charges, and an more and more simplified person expertise. DeFi information platform DefiLlama exhibits that every one DEX platforms processed practically $12 billion price of trades during the last 24 hours — that is greater than Coinbase’s 24-hour spot quantity of $2.566 billion and corresponding to Binance’s practically $18 billion as reported by CoinMarketCap.
Thus far, Kunz’s prediction is holding up, with Coinbase removed from the one centralized change to roll out comparable integrations. In mid-November, crypto change OKX additionally started providing DEX buying and selling on its platform. On the finish of March, the world’s prime cryptocurrency change, Binance, additionally launched centralized-to-decentralized change trades on Ethereum, Solana, Base, and the BNB Sensible Chain.