Robinhood lists 4 new crypto tokens on their platform. They are Solana (Sol), Polygon (Matic), Shiba Inu( SHIB), and Compound (Comp). The exchange has always said that it doesn’t plan to list all crypto tokens on its platform. And the first priority is the security of its users. It shows because all the listed tokens are pretty popular and have arrived very late to the exchange.
The company’s Chief Brokerage Officer said that they are excited to offer more options to their customers. It took some time because they have a robust framework in place to evaluate tokens before they are listed on the platform. You can trade them on Robinhood now, however, the deposit and withdrawal feature will arrive a little later.
Shiba Inu soared after the listing
The ShibaInu community has been asking Robinhood to list the token for a long time now. And now that it happened, SHIB jumped by 20% and reached its two-month high. While its market cap is still far behind Dogecoin, another rally could push it ahead of the coin. SHIB does seem to have more utility than Doge with the NFT markets, Defi Platform, and many other projects.
Other listed tokens
After the listing, the remaining three tokens, Solana, Polygon, and Compound, also increased in value by 5%, 8%, and 7%. Coming to these digital assets, first, let’s talk about Solana. It is a POS token and aims to be an Ethereum killer. The cheap and fast transactions of Solana are its main USP. It can support up to 65,000 TPS. However, its centralized nature and frequent network outages have made it a less compelling investment.
Secondly, we have Polygon (Matic), which runs on a sidechain to Ethereum and is a really popular project. It can also support up to 65000 TPS and has low network fees. Its primary USP is security and has a total supply of 10 billion.
Finally, we have Compound, which is a protocol built for developers to create financial apps. Users can earn interest by deposition their Comp into pools which borrowers can use. It is an excellent project, with its primary USP being borrowing and lending. The total supply of Comp is 10 million.
What are your thoughts as Robinhood lists 4 new crypto tokens? And which one were you the most excited about? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.