Coinbase has added support for Jito Staked SOL (JITOSOL) and Metaplex (MPLX) on the Solana network (SPL token standard), with trading starting July 24, 2025, after 9 AM PT, subject to liquidity conditions. JITOSOL, issued by the Jito Foundation, enables staking SOL without locking it, enhancing its DeFi utility. MPLX powers the Metaplex protocol for Solana-based NFTs and governance.
Trading pairs include JITOSOL-USD and MPLX-USD, but transfers are restricted to SPL-compatible addresses to avoid fund loss. Deposits are open in supported regions, with trading phased in based on liquidity. Market reactions have been mixed, with JITOSOL showing bullish sentiment but oversold signals, and MPLX facing bearish MACD indicators despite NFT market interest.
As a liquid staking token, JITOSOL allows users to stake SOL while maintaining flexibility for DeFi applications. Its listing on Coinbase, a major exchange, boosts accessibility, potentially increasing adoption and liquidity. This could drive more capital into Solana’s DeFi ecosystem, as users can now trade JITOSOL-USD pairs with ease.
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MPLX: As the governance token for Metaplex, a key protocol for Solana-based NFTs, MPLX’s listing enhances its visibility and trading volume. This could attract NFT creators and collectors to Coinbase, strengthening Solana’s NFT market position. MPLX bearish signals from MACD indicators contrast with growing interest in Solana’s NFT ecosystem. The listing may spark speculative trading, but sustained price growth depends on broader NFT market trends and Metaplex’s adoption.
The listings reinforce Solana’s position as a leading layer-1 blockchain, competing with Ethereum in DeFi and NFTs. JITOSOL’s liquid staking model could draw institutional and retail investors seeking yield without locking assets, while MPLX’s role in NFT governance aligns with Solana’s push for scalable, low-cost NFT solutions. Coinbase’s restriction on transfers to SPL-compatible addresses underscores the technical divide between Solana’s ecosystem and other blockchains.
Users unfamiliar with Solana’s SPL token standard risk losing funds if they send tokens to incompatible wallets, highlighting the need for better user education. JITOSOL bullish sentiment (e.g., “bullish breakout” posts on X) contrasts with cautious technical indicators (oversold RSI). This divide suggests a split between short-term traders chasing momentum and long-term investors wary of volatility.
Coinbase’s user base includes retail traders and institutional investors. Retail users may be drawn to JITOSOL for its staking rewards and MPLX for NFT speculation, while institutions might prioritize JITOSOL for its DeFi integration and liquidity. This creates a divide in trading strategies and risk tolerance. The SPL token restriction highlights a technical divide between Solana and other blockchains like Ethereum. Users accustomed to ERC-20 tokens may face a learning curve, potentially limiting cross-chain adoption.
The listings amplify Solana’s ecosystem but expose a divide in user readiness. Newcomers may struggle with Solana’s wallet requirements or the nuances of liquid staking and NFT governance, while experienced crypto users can capitalize on these opportunities. Coinbase’s phased trading rollout (based on liquidity) further divides early adopters from latecomers who may face higher volatility.
Coinbase’s support for JITOSOL and MPLX strengthens Solana’s DeFi and NFT ecosystems, enhancing liquidity and adoption. However, the divide between bullish sentiment and cautious technical indicators, retail vs. institutional priorities, and Solana’s technical uniqueness vs. broader crypto compatibility creates both opportunities and challenges. Users should approach trading with caution, ensuring they use SPL-compatible wallets and monitor market signals closely.
