Jupiter DEX Opens Access to Multiple Solana Tokens, Now Accessible in Coinbase Wallet

Coinbase wallet users can now access new Solana tokens through integration with the Jupiter decentralized exchange. Solana remains one of the most active networks for issuing new assets, including meme tokens. A DEX will almost immediately give those tokens a price discovery mechanism. 

Delighted to share that we will be powering trades for the awesome @CoinbaseWallet!

The Coinbase wallet team have been awesome to collaborate with – and we look forward to making all Solana tokens available to an ever growing number of users! 💪 https://t.co/Q9JtmnnP2N

— Jupiter 🪐 (@JupiterExchange) April 30, 2024

Tokens on the Solana network are always created, with meme tokens still trending. The most prominent assets are just around 700, but decentralized trading can expand that number. Coinbase estimates that the Jupiter integration can open up access to 50,000 to 80,000 tokens. 

To access the tokens, Coinbase users will need to input most of the niche assets manually. Since Solana tokens are risky, the Coinbase wallet will also provide chart information and an estimate of potential slippage. 

Coinbase wallet will also potentially include more risk by unrolling a longer list of Solana tokens. Some of the new assets have no value and no liquidity. Deliberately, some of the new assets may have names similar to long-awaited tokens and represent honeypots or scams. It is still up to the end user to do due diligence on the new assets.

Jupiter DEX Offers Growing Liquidity

Jupiter DEX has set aside up to 20 liquidity pools for Solana tokens. All token swaps will be fully on-chain and leave a permanent record for the user. 

People consider Jupiter the best exchange in its class and tailor it to the Solana ecosystem. Even before integrating with Coinbase wallet, Jupiter Aggregator drew in more than 10K active users with Solana wallets daily.  

The Jupiter exchange rose to prominence in Q1, 2024, and has been growing actively to achieve its top position as a DeFi hub on Solana. The Jupiter native token is also expanding, with a market cap of $1.35B.

The JUP token is also among the top 10 most active Solana assets, with a current price of $1.006. JUP started trading in April and is still in the price discovery stage.

The Jupiter project is a hub of innovation that helps consolidate the Solana ecosystem and makes trading and transfers easier. Jupiter’s API enables precise token transactions and limits orders for risk-averse traders. They also offer a seamless onboarding process for external users to swap tokens using a Solana wallet.

I believe @JupiterExchange is one of the most important projects to come out of solana. It's the grand central station of tokens. It will help usher in quality projects for years to come, and they ship fast, strengthening the network with talent and liquidity.

— dizzyjay (@dizzanxietytho) April 29, 2024

Jupiter also functions as a DAO, proposing issues and new developments for the community to vote. The project also deliberately strengthens its presence on social media, also involving the wider Solana community. 

Solana DeFi Still Growing in 2024

The Solana network carries more than 16M wallets based on fee statistics. Of those wallets, nearly 2.9M are linked to some form of DeFi activity. The recent Coinbase Wallet partnership is thus tapping into a highly active growth market. 

Solana also boosts its value as a DeFi network by the relatively stable token price. Even after a market correction, SOL stopped its slide and recovered to $136.07. 

DeFi on Solana attracted $3.57B in locked value after the 2024 recovery. Stablecoin’s value is around $3.21B, offering an intuitive tool for price discovery.

Coinbase Wallet Brings Close to 100M Potential Users

At the end of 2023, Coinbase counted around 98M total registered users. Earlier statistics show roughly 9 million users are active more than once a month. 

Solana remains a staple blue chip asset for some of those users, but the introduction of Jupiter may redirect some of them to the riskier token market. Coinbase also offers Solana versions of larger, vetted tokens. 

Coinbase will add support for Neon EVM (NEON) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets 🛡️📞 (@CoinbaseAssets) April 29, 2024

The Coinbase wallet partnership arrives when more crypto companies seek ways to consolidate the market. Having tokens and swap mechanisms in a single wallet will decrease the need for bridges or manual transactions. For Solana users, it may also decrease the potential for fraud and wallet-drainer links.