Key Points
- Coinbase announces support for Shadow Token (SHDW) on Solana (SPL token).
- Transfers will be available in the regions where trading is supported.
- Trading begins today around 12 pm ET if liquidity conditions are met.
In an official announcement on X, Coinbase notes that it will add support for Shadow Token (SHDW) on the Solana network (SPL token).
The exchange advises users not to send the asset over other networks, otherwise their funds may be lost.
Transfers will become available in the regions where trading is supported, and trading is set to begin today, April 10, around 12 pm ET if the liquidity conditions are met.
https://twitter.com/CoinbaseAssets/status/1777725910977773808
According to the exchange, once a sufficient supply of the asset is established, trading on SHDW-USD trading pairs will be launched in phases. Coinbase also highlighted that support for SHDW could be restricted in some supported jurisdictions.
The exchange also listed the Solana network contract address for the Shadow Token: SHDWyBxihqiCj6YekG2GUr7wqKLeLAMK1gHZck9pL6y.
One other important detail that Coinbase highlighted in their official announcement is that SHDW support will come with the Experimental Label.
The Experimental asset label has been implemented by Coinbase to enhance transparency and help customers make more informed decisions. This is applied to certain tradable assets that are either new to the platform or that have relatively low trading volume compared to the broader crypto marketplace of Coinbase.
About Shadow Token (SHDW)
SHDW is the utility token powering the Shadow DePIN ecosystem. It provides decentralized storage, computing, and network orchestration to its users.
SHDW has a fixed max supply of 200,000,000 SHDW, ensuring scarcity and potentially increasing value over time as the demand for Shadow’s services grows
Compute, storage, and bandwidth are brought to the Shadow network by Shadow Operators who stake SHDW to secure their nodes and earn revenue based on their contributions to the network.
DAGGER is powering the Shadow ecosystem. This is a scalable and bandwidth-efficient L1/L2 hybrid powered by a custom consensus mechanism designed to orchestrate distributed systems, manage large amounts of data stored across decentralized networks, and more.
DAGGER networks can be deployed as public permissionless Layer2 networks across any Layer1 protocol or be deployed as private Layer1 protocols for private use.
DAGGER’s implicit voting design reduces communication overhead, resulting in faster data retrieval and cost reduction for users compared to other decentralized systems.
