Top Updates From the Solana Ecosystem | June Week 2

Last week was another great week for Solana as the project announced the successful completion of the Solana Season Hackathon. In addition, the number of DeFi and dApp projects built on its platform continues to rise.

Here are some recent exciting updates from the Solana ecosystem.

Solana Completes $314.15 Million Private Token Sale

Solana Labs announced it successfully completed a private token sale of $314.15 million which would focus on developing a faster blockchain network and DeFi.

The funding round was led by Andreessen Horowitz, one of Silicon Valley’s most prominent venture capital firms, and Polychain Capital, a crypto hedge fund that also does VC-style investments.

Solana disclosed that the fund will be used to launch an incubation studio to push the development of both decentralized applications and platforms that are building on Solana. It would also include a trading desk and venture investing arm that seeks to service the Solana ecosystem.

Anatoly Yakovenko, co-founder and CEO of Solana Labs, expressed his delight with the achievement. He also noted that growth in global developer uptake has convinced him that throughput and scalability in the blockchain are now a solved problem.

“The next phase is onboarding a billion users. Solana ecosystem was built from the ground up to accommodate this scale. With this funding, Solana Labs is now positioned to bring in the right partners and capital to build products and tooling to get there,” he added.

Solend Launches on Solana

Solend, an algorithmic, decentralized protocol for lending assets on Solana, took off last week. According to Solend, the protocol was designed to enable everyone to earn interest or take a collateralized loan against their assets on Solana.

Built on the Solana network, the protocol utilizes Solana’s fast, cheap, and unique features. Mostly, described as the new paradigm for DeFi, Solend is poised to contribute majorly to the growth of the network.

Also, tokens integrated into Solend can be used for many other things, such as earning interest or being used as collateral for a loan. This would also enable users to leverage long-term with recursive borrows or short another token.

Notably, Solend is currently deployed to the Solana devnet, and improvements are being made in order for an upcoming mainnet launch.

Moet Finance Takes Off on Solana

Moet Finance, the first perpetuals and options exchange on Solana and Serum with a hybrid order-book and virtual AMM mechanism, officially launched.

Announcing the launch via its official Twitter account, Moet Finance noted that its hybrid-vAMM model, an evolution of simple constant-product AMMs, seeks to provide the deepest liquidity on on-chain order books with fair market pricing for derivatives, which would set it apart from other mechanisms.

Also, the exchange noted that it will introduce liquidation mechanisms that are unique and cross-margining. It would also introduce a dynamic vAMM curve, featuring pricing mechanisms that are specific to options and perpetuals.

Star Atlas and U.S. Space Force Drop Neil Armstrong Meta-Poster NFT

Star Atlas, a virtual gaming metaverse built on the Solana network, has collaborated with the U.S. Space Force for the release of a surprise ReBirth NFT collectible. Also, the launch of the NFT accompanies the launch of a new satellite that honors the legendary Neil Armstrong, the first man to step upon the moon.

Also, the limited-edition meta-poster drop is a big surprise for the community of Star Atlas, not to mention all the space exploration fans from all over the world.

Michael Wagner, co-founder and CEO of Star Atlas,said that the Star Atlas Legends: Armstrong Forever NFT with the U.S. Space Force and SpaceX “honors space exploration for our Atlassians and the future of the emerging metaverse.”

Notably, the satellite launch is scheduled for June 17, 2021, at the Space Force Station in Cape Canaveral, Florida.

Solana Season Hackathon Concludes

The Solana ecosystem also announced the completion of the Solana Season Hackathon. This event is where developers experimented and leveraged the Solana blockchain to build projects spanning DeFi, NFTs, and Web3.

According to Solana, over 13,000 marketers, builders, operators, and designers participated in the hackathon. Overall, a remarkable array of projects focused on building an open, decentralized future was submitted.

Solana Price

Solana, the thirteenth-largest cryptocurrency by market cap, was up 3% in the past 24 hours and down 4.7% in the past week as of press time. The token was also trading at $40.10 with a 24-hour trading volume of $645,204,938.

Solana ecosystem
Source: TradingView

Moreover, SOL has a circulating supply of 272.6 million SOL coins and a max supply of 488.6 million. Also, it is worth noting that the token has grown by over 6,753% in the last year alone.

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