Top Updates From the Solana Ecosystem | July Week 2

It was a bearish week for Solana (SOL) as it slumped alongside many other digital assets while the cryptocurrency market continues to struggle to recover from the crash the space recently faced. The token at the time of publication was down by 4.7%, was trading at $30.65, and had a market cap of $8.34 billion.

The Solana ecosystem also announced its outstanding growth as it continues to record the addition of more DeFi and dApp projects. The blockchain platform CEO in an interview also noted that Solana has the potential to compete with Ethereum.

Here are the recent exciting news updates from the Solana ecosystem.

1 – Solana Co-founder Reiterates the Platforms Ability to Become an Ethereum Killer

Anatoly Yakovenko, co-founder and CEO of Solana Labs, in an interview affirmed the development of the blockchain platform, and its capability to compete with Ethereum.

According to him, the Solana ecosystem is still in its infancy stage and has onboarded many outstanding projects on its network. He further described the platform growth as “nonlinear,” especially on the development aspect.

Yakovenko, also pointed out that Solana makes use of the Rust programming language rather than Ethereum’s Solidity language to write smart contracts.

Additionally, the Solana CEO revealed that the project’s next phase of the Solana ecosystem will include developing “money legos.” The initiative will offer users a way to interact with numerous protocols on Solana.

2 – Bermuda Stock Exchange Joins Pyth Network

Pyth Network built on Solana blockchain announced a partnership with the Bermuda Stock Exchange for the distribution of financial market data.

According to the announcement, BSX will receive real-time market data from the MIAX Pearl Equities Exchange, and will, in return, provide market data to Pyth. As a result, Pyth network will be able to publish accurate prices that are gotten from a combination of orders from other exchanges.

Notably, Pyth Network allows data owners to contribute their data on-chain and in a sub-second timescale. Pyth also intends to distribute high fidelity, streaming, and readily accessible market data through all other major blockchains at their fastest block times.

Greg Wojciechowski, President and CEO of BSX, expressed his delight with the integration. He noted that the partnership will favor both parties, invariably expanding the range of data it publishes to the network.

He said, “The BSX is positioned to play a unique role in the evolution of the DeFi ecosystem as we leverage our capabilities in the digital asset industry and expand the breadth of market data services offered to global capital markets.”

3 – Giorgio Chiellini Unveils NFT Collection on Blockasset

Top Italian professional footballer, Giorgio Chiellini, has tapped Blockasset, an athlete-focused NFT platform built on Solana to launch his NFT collection.

The Italian captain who just won the Euro 2020 launched a series dubbed, the Gladiator; the Leader; the Captain and the Icon.

Notably, the highest bidder for the Gladiator NFT will get the chance to meet Chiellini. Additionally, they will receive a face to face with the football legend and a signed jersey from him.

4 – Solana Foundation Announces Squid Prize

Solana Foundation has announced the formation of the Squid Prize. The prize is an award for an outstanding individual contribution to the Solana ecosystem.

The blockchain platform announced the new initiative via a tweet from its official Twitter handle. According to the announcement, the recipient of the award will receive a grant of $6,000 USDC-SPL.

The award will also be passed to another community member every 6-month, after open nominations from the Solana community members. Additionally, Solana revealed that the Squid prize initiative was inspired by Twitter users @fordudesake, and @Narfz0g.

5 – Phantom Now Available on Brave, Chrome, Microsoft Edge and Firefox

Phantom, an extension for accessing distributed applications deployed on the Solana blockchain, is now accessible on more browsers.

Announcing the new development via its Twitter handle, Solana noted that Phantom was now available on Firefox, and other browsers. Notably, Phantom injects an object into every website’s JavaScript context so that dApps can interact with user wallets, and vice-versa.

The extension also lets users create and manage their own identities via private keys, and mnemonics. However, because it adds functionality to the normal browser context, Phantom requires permission to read, and write to any webpage.

6 – Unity-Solana Wallet Launches on Solana

Unity-Solana Wallet, a bridge that connects game developers to the Solana ecosystem, is now live.

All-Art Protocol announced the new development via an official blog post. According to the announcement, the Unity-Solana Wallet will bring millions of gamers into the Solana ecosystem.

Additionally, the announcement noted that Solana’s speed, and low transactions cost will facilitate the use of blockchain by gaming platforms.

Solana Price Update

SOL, currently the fourteenth-largest cryptocurrency by market cap, was down by 4.7% over the past 24 hours. The token was trading at $30.69 with a 24-hour trading volume of $301,166,630.

Solana ecosystem
Source: TradingView

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