It was a wonderful week for the Solana network as $SOL reached a new all-time high of USD 219.5, with its market cap surging to USD 57 billion, according to Coingecko.
Also, the Solana ecosystem continues to solidify itself as a solid Layer 1 competitor to the Ethereum network. Furthermore, Solana’s influence in the DeFi space grows with USD 12.5 billion worth of assets locked in its protocol. Therefore, here are the recent exciting Top Solana Updates.
1 – Katana Emerges As Solana Ignition Hackathon Grand Champion
The first Top Solana Updates come from Katana. This asset management protocol has claimed a USD 75,000 prize at the Solana Ignition Hackathon.
4/ The Grand Prize Award Winner is @Katana_HQ, an asset management protocol building investment products across the risk spectrum! Katana will receive $75k + 2 tickets to @SolanaConf. https://t.co/KGio9KERO3
— Solana (@solana) October 29, 2021
Solana disclosed that the Ignition hackathon recorded a 760% participation compared to its previous hackathon. In addition to Katana, several other outstanding projects were also selected by judges and awarded prizes.
Also, Anatoly Yakovenko, Solana’s CEO, expressed his delight in the growth of the project and the success of the hackathon. “We are thrilled to have these incredible projects building on Solana and look forward to seeing them evolve,” he noted.
2 – Slope Wallet to Enhance Solana Ecosystem
Slope Finance has rolled out its one-of-a-kind wallet that aims to enhance the Solana ecosystem.
Think you can’t use Solana DeFi on the go?
With Slope Wallet, you can access @mangomarkets @Saber_HQ @RaydiumProtocol, etc., sign transactions, and trade NFTs on the go.
Slope lets you explore 50+ best Solana DApps from your smartphone. #Solana pic.twitter.com/ZlDGRlxiz6— Slope (@slope_finance) October 31, 2021
Slope Wallet is the first DeFi wallet app that can send and receive virtual assets. It allows users to easily and quickly check Solana’s latest news, rankings, activities, and IDO information. Also, by utilizing Nucleus, Slope will enable users to generate or import new wallets into existing Ethereum or Solana wallets.
On the other hand, the Slope Wallet has a user-friendly interface and no threshold limit. It is also the only wallet that can be enabled on web/iOS/Android. Its unique service allows users to interact with most of the projects on the Solana ecosystem.
3 – Crypto.com Add Support For Solana USDC
Crypto.com has announced its supports to USDC for deposits and withdrawals of Solana’s network.
Expanding #Solana native stable coin support 💪 https://t.co/gs6HUGKX5j
— Solana (@solana) October 28, 2021
According to the annoucement, users can now carry out cheap and quicker transactions for deposits and withdrawals of USDC. Also, more tokens will be added shortly.
Moreover, Solana-Crypto.com integration aligns with the mission to boost and accelerate the global transition of USDC.
4 – AVAX Is Coming To Solana
Allbridge, in collaboration with Orca, has announced the launch of an Avalanche – Solana bridge.
We are excited to share the news about $AVAX coming to @solana 😮
In collaboration with our partners @orca_so we enable the first $AVAX – $USDC trading pair 🥇 Check our latest announcement for details 👇https://t.co/evHUlJzW3J
@avalancheavax
— Allbridge (@Allbridge_io) October 28, 2021
According to the annoucement, an AVAX/USDC trading pair will launch on the Solana network. Also, Allbridge noted that utilizing Orca’s unique UI on the bridge will be convenient.
5 – Solend Records $485 Million in Assets Deposited
Solend, a Solana-based lending DeFi protocol, has accumulated $485 million in assets days before its IDO launch.
nice pic.twitter.com/7SgY0FY3gv
— ◉ Solend (@solendprotocol) October 28, 2021
Solend enables users to earn interest on deposits and borrow assets against their tokens on Solana. This initiative was created as part of the Solana Season Hackathon.
Therefore, the lending protocol currently has USD 485 million in deposits and 255 million in total borrowed assets.
6 – Drift Protocol, Tulip Secure Funding
Solana-based projects, Drift Protocol and Tulip, have secured strategic funding aimed at their growth and expansion.
We're delighted to announced a $3.8M strategic fundraise led by @multicoincap, with support from @jumpcapital @ledger_prime @robotventures @AlamedaResearch @Not3Lau_Capital @ROKCapital to built the best on-chain derivatives trading experience on @solana. pic.twitter.com/58WeB4LsGv
— Drift Protocol v2 (@DriftProtocol) October 26, 2021
Drift Protocol, a crypto derivatives exchange, raised USD 3.8 million in a funding seed round. While Tulip raised USD 5 million in a move to expand its yield aggregation and crypto lending products.
$SOL Price update
$SOL which is currently the sixth-largest token by market cap, had a 4.2% drop at the time of publication of this article.
The token, according to Coingecko, was trading at USD 188.04 with a 24-hour trading volume of USD 1.8 billion. $SOL currently has a circulating supply of 301 million $SOL coins and a total supply of 488.6 million.
Therefore, we hope you’ve learned from the Top Solana Updates.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Crypto.com. Copyright Altcoin Buzz Pte Ltd.
