Crypto exchange, Coinbase Global Inc. has announced it will add support for Solana (SOL) and Avalanche (AVAX) perpetual futures contracts on its International exchange and Advanced platform.
According to its announcement, Coinbase says the listings will take place on November 14 at 16:00 (UTC), provided they witness sufficient liquidity for the trading pairs. Planned markets include SOL-PERP and AVAX-PERP.
New Boost for SOL and AVAX
Many consider crypto listings on exchanges signs of ecosystem growth in Web3. Getting unique crypto trading pairs listed by a top platform like Coinbase notably places an asset on the frontline for more traders to gain direct exposure to the assets in question.
The onboarding of Solana and Avalanche by Coinbase on both the “Coinbase International Exchange” and “Coinbase Advanced” will play this exact role. Should trading kick off as projected, SOL and AVAX will get a new boost that might attract traders, drive volume, and possibly have an impact on the price of the assets.
Historically, the sentiment attached to Coinbase listing often drives the prices of the underlying assets in unique ways. For instance, besides fueling the social dominance of VeChain and its sister token VTHO, when Coinbase listed the duo back in September, an impressive price uptick also followed.
The listing of Solana and Avalanche may trail a similar path, seeing as SOL is currently facing stern opposition to its ongoing uptrend as of press time.
After weeks of a sustained uptrend, Solana’s price has dropped by 0.97% to $58.39 while Avalanche’s is down 2.52% to $18.18. We may see some reversal in these negative trends, as the renewal in bullish momentum coincides with the listing of the futures markets on Coinbase International.
Joining the Elite Crypto Club
Coinbase began offering perpetual futures trading to its clients on its International and Advanced platforms last month, as The Crypto Basic reported. The move aimed to extend services for its international clients.
Thus far, it has only featured four assets: Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin (LTC). The listing of Solana and Avalanche places these altcoins among the elite club. The International exchange currently boasts over $100 million in derivatives trade volume over the past 24 hours.
Notably, Coinbase typically prunes its ecosystem of non-performing tokens. As a result, the listing of SOL futures shows faith in the protocol at a time when the US SEC has designated it a security alongside other assets like Cardano (ADA) and Polygon (MATIC).