Top Updates From the Solana Ecosystem | July Week 3

Last week was another great week for the Solana ecosystem as the project continues to record a rise in the number of DeFi and dApp projects built on its platform.

However, the Solana ecosystem native token (SOL) slumped alongside many other digital assets. The token according to CoinGecko was down by 21% in the last 7 days and was trading at $25.38 with a market cap of $6.9 billion.

The project via its official Twitter handles also announced that its ecosystem was witnessing outstanding growth with over 400 projects currently on the Solana ecosystem. Among the projects on Solana include unique wallet and storage solutions, decentralized exchanges, lending protocols, staking platforms, digital games, etc.

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

Phantom Raises $9 million in Series A Funding

Phantom, a crypto wallet and browser extension built on Solana, has raised $9 million in a Series A funding round led by Andreessen Horowitz (A16z).

According to Phantom, the funding will be used to expand its team as well as extend its influence to other blockchain networks, such as Ethereum, and Ethereum Layer 2 scaling solutions.

Additionally, Variant Fund, Jump Capital, DeFi Alliance, Solana Foundation, among others also participated in the funding round.

Brandon Millman, Phantom’s CEO, in a statement expressed delight with the new initiative. According to him, Phantom intends to continue innovating on Solana ecosystem, and introduce more unique features.

“Our long term goal is to have Phantom be the first thing users reach for when they are interested in interacting with a decentralized application, no matter what blockchain it is built on,” he said.

Saber Unveils $SBR Token

Saber, an automated market maker (AMM) for trading pegged assets on Solana, has unveiled the Saber Protocol Token (SBR).

The governance token is particularly aimed at developing Saber Protocol and aligning incentives between Saber stakeholders. Notably, the token will focus on connecting global assets via providing a networked liquidity foundation.

It noted that the initiative was unveiled because the platform believes that finance should be permissions. The AMM project also stated that every asset in the world will eventually move onto the decentralized web.

Additionally, Saber in its statement noted that the Solana ecosystem was chosen as a settlement layer for its liquidity network due to its speed and scalability.

It is also worth noting that Saber labs according to DefiLlama recently hit $15 million total value locked (TVL). As a result of the achievement, the project is now the fifth-largest dapp on Solana.

Power Ledger Migrates from Ethereum to Solana

Australia-based blockchain firm, Power Ledger, has announced its decision to move its energy trading platform from Ethereum to Solana.

Power Ledger noted that it is moving to Solana due to its speed and ability to support higher transaction throughput.

According to the blockchain firm, Solana’s Proof-of-History (POH), and Proof-of-Stake (POS) lower energy output are other factors that necessitated the move.

Dr Jemma Green, Power Ledger’s co-founder and executive chairwoman, expressed delight with the move. She pointed out that Ethereum served its purpose in the short term as it currently has a lot of limitations. She added that Power Ledger needed a blockchain technology that could support higher transaction readings and transactions throughput.

“Our new blockchain platform based on Solana will be tens of thousands of times faster than Ethereum but also energy efficient. As we started this project to allow renewables to be scaled, part of our mission is to be light on our own carbon footprint,” she said.

Step Finance Unveils Charity Donation Options on Solana

Step finance, a portfolio visualization platform in collaboration with FTX Foundation, has launched the first charity donation options on Solana.

According to the announcement, the platform – which visualizes, analyses, aggregates, and executes transactions across Solana in one easy-to-use dashboard – will now allow users to donate crypto. However, only USDC will be supported in the initial part of the initiative.

“No forms to fill in addresses to take. This is giving in DeFi world. Just press a button, send the money and it’s done,” it tweeted.

Solana also pointed out that the new initiative would help non-profit organizations transfer higher percentage of capital to people in need while saving costs.

Acumen Records Remarkable Growth

Acumen, a DeFi lending and borrowing protocol built on the Solana have recorded massive growth this week.

The open-source, autonomous, non-custodial interest rate protocol announced the increase via its official Twitter handle. According to the announcement, its TVL surpassed $1.3 million in less than 24 hours. The TVL recorded a 30% growth in less than 24 hours.

Notably, users can now earn Acumen native tokens (ACMN) by depositing assets into the protocol.

Solana Price Update

SOL, currently ranked as the fourteenth-largest cryptocurrency by market cap, at press time was down by 7% over the past 24 hours. The token was trading at $25.30 with a 24-hour trading volume of $241,253,742.

Solana ecosystem
Source: Tradingview

Also, join us on Telegram to receive free trading signals.

Find out more about the blockchain and crypto space on the Altcoin Buzz YouTube channel.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.