Coinbase is further immersing itself in the Solana ecosystem, enabling users to trade native Solana tokens through a decentralized exchange integration instead of standard listings.
Andrew Allen, a protocol specialist at Coinbase, stated in a post on X that Coinbase now permits its users to trade all Solana (SOL) tokens via a decentralized exchange (DEX) integration, “without listings,” he pointed out, adding, “very soon you will be able to open the Coinbase app and see native Solana assets on Coinbase.”
“For issuers and developers, if your token has adequate liquidity, this means you can be accessible to millions of users on Coinbase without getting listed,” Allen remarked.
This announcement follows Coinbase’s integration of tokens from its Base blockchain through a similar DEX integration in early August. The announcement indicated that the exchange intends to “expand DEX support to include additional networks, starting with Solana.”
Related: Coinbase to introduce its new ‘DeFi Mullet’ offering in Brazil
Solana’s DeFi ecosystem is thriving
Coinbase’s integration coincides with numerous developments within Solana’s decentralized finance (DeFi) ecosystem.
Earlier on Thursday, DeFi company Ellipsis Labs announced the launch of its Solana-based perpetual swap DEX. The announcement asserts that the platform operates fully on-chain — encompassing the risk and matching engine — enabling anyone to build upon it. However, the platform is currently in private beta and not yet available to the general public.
The launch aligns with a new “Solana Lending Markets Report 2025,” shared with Cointelegraph by DeFi infrastructure firm Redstone. The report contends that “DeFi strategies on Solana have reached institutional-grade sophistication” and highlights substantial growth in Solana’s on-chain lending and trading activity.
Redstone claims that “Solana has emerged as a leading force in on-chain finance” and “processed $35.9 billion in peak daily DEX volume.” The company anticipates the next phase of growth to focus on “tokenized real-world assets and deployment of institutional capital.”
“Bringing traditional finance on-chain at scale can unlock trillions in Internet Capital Markets. Solana’s infrastructure is well-positioned to capture a substantial share of this growth.”
Related: How perp DEXs quietly captured 26% of the futures market
Centralized and decentralized exchanges converge
The Coinbase integration represents the latest instance of a wider trend: centralized exchanges are increasingly incorporating DEX platforms and serving as user-friendly front ends for them. In early October, Sergej Kunz, co-founder of DEX aggregator 1inch, expressed that centralized crypto exchanges will gradually diminish and merely act as frontends for decentralized finance.
The industry landscape is evolving, with DEX platforms experiencing increased liquidity, swifter order execution times, reduced fees, and a more streamlined user experience. DeFi data platform DefiLlama indicates that all DEX platforms processed nearly $12 billion worth of trades in the last 24 hours — exceeding Coinbase’s 24-hour spot volume of $2.566 billion and rivaling Binance’s nearly $18 billion as reported by CoinMarketCap.
Thus far, Kunz’s forecast is proving accurate, with Coinbase far from the only centralized exchange launching similar integrations. In mid-November, crypto exchange OKX also initiated DEX trading on its platform. At the end of March, the world’s leading cryptocurrency exchange, Binance, also introduced centralized-to-decentralized exchange trades across Ethereum, Solana, Base, and the BNB Smart Chain.
