It was a great week for the Solana ecosystem as its native token (SOL) rallied by over 24% in the last 24 hours. This saw SOL outperform both Bitcoin and Ether to set a new all-time record of $52.42.
In addition to its remarkable growth, Solana has continued to record impressive development; becoming one of the most active networks in the blockchain space. As reported by AltcoinBuzz.io, since March Solana has witnessed more than 50 market-ready projects built within its ecosystem – most of which were decentralized applications (dApps).
Here are more recent exciting updates from the Solana ecosystem.
Solana Hackathon Begins With Over 10,000 Registered Builders
The much anticipated Solana Season Hackathon began on Saturday May 15th and is set to continue through until Monday June 7th, 2021. The aim of the Hackathon is to enable developers globally to experiment and leverage the network’s blockchain to create a plethora of projects such as DeFi, NFTs, and Web3.
The Solana Season Hackathon has commenced, with over 10,000 registered builders globally! 🌍
All the resources needed to start building on Solana are in the official Github repo: https://t.co/MVh8vlEvTw
And remember, project submissions are due by June 7 at 11:59pm PT. 🏗️
— Solana (@solana) May 16, 2021
Solana announced via its official Twitter handle the commencement of the hackathon; noting that over 10,000 builders have already registered globally. It also disclosed that the only requirement to participate in the event is that teams must incorporate Solana into any project they are designing in some way.
Developers were advised to build unique crypto-related apps, while hackers were encouraged to challenge to Solana ecosystem. Solana advised hackers to build any infrastructure or tool they believe could have an impact or influence the ecosystem.
Additionally, participants of the hack event would only be able to submit a maximum of one project by the hackathon deadline and the event has $1 million up for grabs in prizes/seed funding.
Solana Joins DeFi Alliance
In a lauded move, the Solana ecosystem has joined DeFi Alliance; a group that provides mentorship and funding for tech platforms. DeFi Alliance connects them to leading traditional trading firms globally and helps them to build product and design regulatory strategies.
We’re excited to welcome @Solana to our Ecosystem Partnership Program!
This enables Solana-specific programming for our next cohort.
We believe Solana will play a key role in the multi-chain future of decentralized finance.https://t.co/XVUqs4yVTL
— DeFi Alliance (@defialliance) May 11, 2021
Announcing the collaboration via an official blog post, DeFi Alliance noted that the partnership would provide Solana with mentorship and other necessary resources needed for start-ups building on their ecosystem. Additionally, the partnership sets out to assist other start-ups and teach them how to integrate their projects into the Solana ecosystem.
Further expressing its excitement with the partnership, DeFi Alliance added that it aims to help Solana develop its own protocol’s DeFi ecosystem. Solana’s founders, Raj Gokal and Anatoly Yakovenko had previously taken similar steps to help accelerate the growth of DeFi start-ups building on other protocols, via Solana’s accelerator program.
Zeta Markets Launch on Solana
Zeta is a protocol focused on providing liquid derivatives trading for both individuals and institutions. Recently, they announced the launch of their project on the Solana ecosystem. Zeta aims to revolutionize options trading on DeFi, allowing everyone to effectively hedge risk against crypto market movement and events.
We're excited to finally announce Zeta, the premier under-collateralized DeFi options platform, providing liquid derivatives trading to individuals and institutions alike.
Welcome to the 💫 Zetaverse 💫https://t.co/v6DjUpMbMs
— Zeta ζ (@ZetaMarkets) May 14, 2021
Zeta aims to bridge the DeFi market gap with a sub-second speed options protocol integrated with an Automated Market Maker (AMM). This is designed to provide liquidity for traders and long-term yield to investors.
According to Zeta, it aims to provide speed and efficiency, liquid markets, reduce risk, and offer unique derivatives. Zeta’s mission is to create “a platform where traders are not sacrificing ease of access, capital efficiency or liquidity, and instead have a professional-grade platform to trade derivatives on a number of crypto-centric underlying.”
Datahub Launch Enables Developers to Build Applications Faster
Leading blockchain infrastructure and services provider, Figment announced the launch of DataHub support for developers building on Solana. Datahub opens up new avenues for developers on the Solana ecosystem.
DataHub for @solana developers is here! 🎉
DataHub offers highly available access to:
— Figment (@Figment_io) May 13, 2021
Datahub grants developers on the Solana ecosystem direct access to blockchain Remote Procedure Calls (RPCs) and Websockets. It would also ensure that Solana applications are always connected to the network via its highly available read/write node and enriched API infrastructure.
Figment disclosed that it supports Solana as the result of its scalability, low transaction fees and composability. Further noting that Solana, unlike Ethereum, has solved the issue of congestion, high gas fees & finality times, and low throughput.
“Our DataHub solution is the perfect complement to your Solana application and building experience. As Solana grows, so will the functionality of DataHub allowing developers to easily scale their applications today and over time. Focus on your vision, not your infrastructure by building on Solana with DataHub today,” Figment stated.
All-Art Protocol to Launch on Solana
All-Art Protocol is a decentralized network for liquid trading of non-fungible tokens (NFTs) via unique AMMs built on blockchain. Recently, they announced the decision to launch on the Solana ecosystem; expressing that NFTs are moving away from Ethereum towards Solana.
1# We are building a decentralized protocol for liquid trading of NFTs through unique AMMs built on @solana blockchain.
Let us explain in more detail why and how
— All-Art (@AllArtProtocol) May 14, 2021
Disclosing the new development via its official Twitter handle, All-Art announced that it is building a new infrastructure for the NFT art market. All-Art aims to assist artists find cheaper ways of experimenting with NFTs by creating a special type of AMM liquidity pools. Using a new NFT standard – tagged NFT-PRO – they also aim to make the NFT art market liquid.
The project noted that it chose the Solana ecosystem due to its fast and very affordable blockchain system, which runs on Layer 1. All-Art expressed that Solana would allow the NFT market to easily integrate with DeFi and move from Ethereum to a more sustainable ecosystem.
All-Art further disclosed that it would also be collaborating with VR All-Art. This would enable purchases of NFTs in virtual exhibitions, while license rights for each art piece would be embedded into their NFT-PRO.
At the time of publication, SOL’s price was down by 16.7%, trading at $36.06. The 24-hour trading volume is $1,684,137,126. It currently has a circulating supply of 272.6 million SOL of it’s 488.6 million max supply.
SOL has grown by over 8,934% over the last year and Binance is currently the most active market trading SOL.
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