Top Updates From the Solana Ecosystem | July Week 4

The Solana ecosystem recorded another remarkable week as its native token (SOL) recovered and rallied alongside many other digital assets. The token, according to CoinGecko, rose by 18.1% over the last 7 days, and was trading at $28.17 with a market cap of $7.6 billion.

As the Solana ecosystem continues to grow, it also continues to record a rise in the number of DeFi, and dApp projects built on its platform. Solana – via its official Twitter handle – announced that staking pools will soon be available on its platform.

Additionally, Solana recently disclosed that it has over 400 projects on its ecosystem, and over 175 applications have been received for the Solana Creator Fund.

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

Gokal Lauds Solana Ecosystem Fast Rise

Raj Gokal, co-founder and COO of Solana, has expressed his delight with the growth of the Solana ecosystem. Through his official Twitter handle Gokal celebrated the fast-growing ecosystem noting that Solana is now launching 2-5 new projects daily.

According to the Solana co-founder, the ecosystem currently has the crypto industry best wallet UX; Phantom. He also opined that FTX, MoonPay, and Ramp are currently one of the best fiat on-ramp platforms in the industry.

Gokal further described Metaplex, a non-fungible tokens (NFT) marketplace built on Solana, as rapidly growing; applauding Neon labs for its growth as well.

Solana to Launch Stake Pools

Solana via its official Twitter handle has announced the launch of Stake Pools to increase the network’s security.

According to the announcement, the stake pool was enabled via an on-chain governance process to promote censorship resistance. The program will increase the network’s ability to withstand disruption/attacks as well as also rewards token holders.

“Solana is already one of the most censorship-resistant networks (our super minority group is currently 16), but the Solana Foundation can do even more to increase stake distribution,” it tweeted.

Notably, the staking pool system composes of 3 main actors namely, the manager which is in charge of creating, and managing the stake pool; among other functions. The stake which is in charge of adding and removing validators to a pool, and rebalancing the stake. Finally, the users which provide the SOL token for an existing stake pool.

Solana Partners With Audius & Metaplex Foundation to Introduce $5m Creator Fund

The Solana Foundation has entered a strategic partnership with Audius and Metaplex Foundation to launch a $5 million creator fund.

The partnership according to the announcement is focused on attracting creators and fans to cryptocurrency networks. The new initiative is aimed at drawing the next 1,000 creators, artists, and their supporters into the crypto space.

The fund will be directed at helping creators pioneer new projects in certain categories including music streaming, NFTs, among others. It will also help create new fan experiences using permissionless software and spur innovation around creator-first business models.

Additionally, the new initiative will also provide technical support to creators who need assistance utilizing crypto user interfaces, token models, and other monetization tools.

Mercurial Finance is Bringing $UST to Solana

Mercurial Finance, Solana’s first multi-token stable swap platform, has announced that the move to bring $UST to Solana has passed the needed threshold.

Announcing the development via its Twitter handle, Mercurial noted that its community has welcomed the move to bring $UST to Solana. Mercurial disclosed that $LUNA rewards for the $UST 3Pool will go live next week as a result of users reactions.

The project which is focused on building infrastructure for stable and pegged assets on Solana revealed that its users demand for $UST was very high. It also pointed out that Mercurial’s UST 3Pool has hit $12 million in a day.

Additionally, Mercurial also disclosed that its 3Pool with $LUNA incentives for $UST will be the first project on Solana to deploy Terra community pool funds for liquidity mining on Solana.

Solana is the Future of DeFi, Says Ratio Finance

Ratio Finance in an interview has applauded the Solana ecosystem describing it as the future of decentralized finance (DeFi).

The platform which allows users create USDr against their existing LP on Solana noted that DeFi is highly innovative. However, it did point out that DeFi can also be risky.

Speaking on why it chose Solana, the platform explained that it believes Solana is the future of finance. Ratio noted that Solana’s speed, scalability, and access to a Serum also shaped its decision to build on Solana.

Additionally, Ratio revealed that its stablecoin (USDr) will provide Solana users with an advanced form of leverage priced as the dollar. “Once we have built the first “brick” in our “money-lego” engine (USDr), we will be creating many integrated ways to use USDr in order to maximize alpha,” it said.

BitKeep Integrates Solana

BitKeep has announced the integration of Solana, noting that Solana SPL tokens are now supported in its Wallet.

As a result of the integration, BitKeep will unveil a Solana area, and also support the initial launch of projects on Solana. Furthermore, the integration will enable users globally to partake in the Solana ecosystem in a more convenient manner.

Solana Price Update

SOL has hit another hiccup on its path to recovery, falling by 1.3% over the past 24 hours. As of the time of publication, the token was trading at $28.19 with a 24-hour trading volume of $390,754,420.

Solana ecosystem
Source: TradingView

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