- Solana users have reportedly experienced challenges landing transactions from Coinbase.
- Brian Armstrong vowed to scale support for Solana support.
Coinbase has pledged to scale its support for the Solana [SOL] network amid community backlash over prolonged transaction delays.
The situation worsened over the weekend with massive traffic as users jumped on the Official Trump [TRUMP] and Melania Meme [MELANIA] memecoin craze.
Unfortunately, speculators, especially U.S.-based traders on Coinbase, faced massive delays in accessing and landing transactions on Solana.
In fact, even a recent report shows a ridiculous ‘4-year waiting period’ to swap funds from the centralized exchange to Solana. One user stated,
“Got to say Coinbase outdid themselves this time. 4 years to process a Solana transactions won’t bring more money to their Base chain. They will lose their userbase instead.”
Source: X
Brian Armstrong commits to Solana’s support
Most Coinbase users had made similar complaints even before the TRUMP meme mania.
However, Mert Mumtaz, CEO of Helius, a Solana-based developer platform and Chief Marketing Officer for the chain, stated that the issue was with the exchange’s support system.
In fact, he implored dissatisfied users to opt for other alternatives to land Solana transactions.
In a rejoinder, Coinbase leadership, led by the founder Brian Armstrong and Base’s Jesse Pollak, acknowledged the issue and pledged to scale their Solana support. Part of Armstrong’s X’s post read,
“It’s clear we need to step up our game on Solana, scale our infrastructure, and provide native support for common use cases like DEX/memecoin trading.”
Pollak also echoed the same and stated,
“Entire executive team, myself included, and huge swaths of the company are working around the clock right now to scale Coinbase to better support Solana.”
That said, it remains to be seen how fast the scaling will be rolled out.
In the meantime, crypto VC MultiCoin Capital (MC) did a sixth annual thesis on Solana, stating that it will become the “Internet capital markets.” Part of the thesis, written by MC co-founder Kyle Samani, read,
“I’ll make the case that Solana is the leading chain to power Internet Capital Markets. Moreover, I’ll argue that Solana as a technology can outperform the major traditional finance (TradFi) players—including NYSE, NASDAQ, CME, JPM, GS, and MS on the financial markets side, and Visa and Mastercard on the payments side.”
Samani cited Solana’s outperformance on core metrics like latency and cost as its competitive edge in driving the next generation of capital markets.
The bold vision could accelerate the $370 price target or more as the altcoin remains a top contender in the layer 1 space.
