On Thursday, May 20, Coinbase announced it is launching support for Solana ($ SOL) on the trading platform Coinbase Pro for experienced and professional traders.
What is fading?
Solana is an open source project implementing a new high performance blockchain maintained by the Geneva-based Solana Foundation.
The Solana protocol was created by Solana Labs, supported by investors such as Multicoin Capital, Slow Ventures, Foundation Capital, 500 Startups and Abstract Ventures. Greg Fitzgerald is the main architect of the project while Solana’s inventor is Anatoly Yakovenko.
Solana’s documents state that it is possible for a central database to “perform 710,000 transactions per second on a standard gigabit network if the transactions are not more than 176 bytes on average”. The Solana team hopes that one day they will reach the “theoretical limit of 710,000 transactions per second”. Currently, Solana can process around 50,000 transactions per second.
Coinbase announced its support for Solana on Twitter as follows:
Starting today, inbound transfers for SOL are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Monday May 24, if liquidity conditions are met. https://t.co/93Hmc2hV9J
— Coinbase Pro (@CoinbasePro) May 20, 2021
The crypto exchange hit $ SOL on FTX to its all-time high of $ 58.3975 on Tuesday, May 18 at 16.50, according to TradingView data. Yesterday, in the biggest crypto crash we’ve ever seen in 2021, the $ FTX price dropped to an intraday low of $ 28.8025.
Later today, within minutes of the release of Coinbase’s announcement to list one of the hottest coins in 2021, the price of SOL rose to $ 49,6750, the current highest intraday high. Year to date, $ SOL is more than 2,500% up against the USD.