This week, $SOL has suffered significant setbacks as its price went down by 11.5%. However, the token is still one of the most prominent performers this year, with over 10,073% growth.
Also, the Solana ecosystem continues to grow remarkably, solidifying itself as a solid Layer-1 competitor to the Ethereum network. Furthermore, Solana continues to add more projects to its platform and is gaining attention among institutional investors. Here are the recent Solana updates:
1 – PayPal Exploring Integration With Solana
In a remarkable development, PayPal has disclosed that it is exploring Solana as a means of boosting its scalability.
In a podcast, Jose Fernandez, Paypal’s senior vice president and general manager of blockchain and digital currencies, said so. According to the video, Paypal looked into Solana and other layer-1 and layer-2 platforms to scale payments.
Also, Fernandez revealed that PayPal’s recent decision to adopt cryptocurrency resulted from high demand from its customers. Then, he said that the company is interested in non-fungible tokens (NFTs).
2 – MoonPay Secures Partnership with Phantom
Solana-based wallet Phantom has entered a strategic partnership with MoonPay to boost crypto adoption.
We’re live on @Phantom! 👻
MoonPay’s integration will make onboarding even easier for those new to the @Solana ecosystem, bringing a fiat on-ramp directly to Phantom’s 1M+ users.
— MoonPay (@MoonPayHQ) November 17, 2021
According to the annoucement, Phantom will now have full on-ramp capability via MoonPay. The partnership will boost crypto adoption by onboarding one billion people into the DeFi space by 2030.
On the other hand, Phantom, which recently topped 1.2 million weekly active users, will now utilize the MoonPay on-ramp service. This means users can now buy $SOL directly inside Phantom by using MoonPay.
3 – All.Art Protocol, Cypher Raise Funds
Solana-based projects, All. Art Protocol and Cypher have secured strategic funding aimed at their growth and expansion.
All. Via an official blog post, Art protocol announced it successfully closed a private funding round, raising USD 4.5 million. The funding round was led by Delphi Ventures and aimed to establish the next generation of NFTs in the metaverses.
Thrilled to announce that we have successfully closed a private funding round, raising $4.5M to create the necessary infrastructure for integrating the next generation of NFTs into metaverses.https://t.co/FDB2xBLdaT
— ALL.ART (@AllArtProtocol) November 11, 2021
All.Art noted that the funds raised will be used to promote the protocol and grow its ecosystem.
On the other hand, Cypher, a Solana-based DeFi protocol, has raised USD 2.1 million to build out its protocol. The round was led by Sino Global Capital, SkyVision Capital, and Blockwall Capital.
4 – CryptoBots NFT Game To Launch On Solana
Another Solana updates comes from CryptoBots, which have tapped Neon EVM, a Solana-based Ethereum virtual machine, to launch on the Solana network. Neon is a solution that lets Ethereum-based App developers get access to liquidity on Solana.
According to the announcement, CryptoBots will integrate Neon for its scaling solution after launching its game on Ethereum.
— 🤖 СryptoBots (@cryptobots_game) November 17, 2021
CryptoBots, once it integrates with Neon, will enjoy Solana’s outstanding offering of low gas fees and high transaction speeds.
Also, Simon Shikharev, co-founder of CryptoBots, expressed delight in the collaboration. He said: “Solana and Neon EVM is the leading solutions for maximizing our growth, and we hope this partnership will boost the building of the NFT gaming ecosystem around Solana.”
5 – Bloomberg Partners With Galaxy Over $SOL Price Tracking Index
Lastly, Bloomberg and Galaxy Digital have added the Solana index to their suite of crypto data products. Tim Grant, head of Europe for Galaxy, announced the new addition via his official LinkedIn page. According to him, “the index is denominated in U.S. dollars.”
Furthermore, Bloomberg and Galaxy have now issued five total crypto indexes since they partnered in 2018.
$SOL Price update
$SOL is currently the sixth-largest token by market cap had a 2.9% increase at publication.
The token, according to Coingecko, was trading at USD 220.42 with a 24-hour trading volume of USD 3.35 billion. Also, $SOL currently has a circulating supply of 303 million and a total supply of 508 million tokens.
Moreover, we hope you’ve learned from the latest Solana updates.
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