Top Updates From the Solana Ecosystem | June Week 4

It was another great week for the Solana blockchain platform as the project recorded the addition of more DeFi and dApp projects on its platform.

The Solana ecosystem also announced the winners of the recently concluded Solana Season Hackathon.

However, Solana (SOL), was also able to quickly recover from the crash which the cryptocurrency market faced this past week. At publication, according to CoinGecko, SOL was up by 6.5%, and was trading at $32.41 with a market cap of $8.8 billion.

Here are the recent exciting updates from the Solana ecosystem.

Zeta Claims Grand Prize at Solana Season Hackathon

Solana announced Zeta, an under-collateralized DeFi options platform, as the grand prize winner of its just-concluded hackathon.

The Solana Season Hackathon (which recently came to an end) brought together cryptocurrency forerunners and developers from around the globe. The 3-weeks of hacking event had over 13,000 participants with 350 teams submitting projects across DeFi, NFTs, Web3, among others.

Zeta claimed the grand prize of $30,000 and $1,500 airfare stipend, plus two tickets to a special Solana event in Lisbon in November.

However, Coral Reef, an NFT marketplace, claimed the first prize for non-fungible tokens (NFT). All-Art protocol, a protocol for liquidity pool AMMs, claimed second place, and decentralized event hosting and ticketing platform, Bubl, came third.

The DeFi prize was given won by Solend, an algorithmic, decentralized protocol for lending, and borrowing. The multi-chain agriculture-simulation web-game, DeFi Land, and Switchboard – a decentralized, community curated oracle network – came second and third respectively.

Notably, a total of 39 projects received a prize for their standout project. Solana also disclosed that the hackathon will enable it improve essential documentation, tooling, and other educational resources to better serve developers that are integrated into the ecosystem.

Pyth Network Partners With LMAX Group

Pyth Network disclosed it has tapped LMAX Group, a leading institutional exchange operator, as its data provider. According to the announcement, LMAX becomes the first major institutional exchange to join the network.

As a result of the partnership, LMAX will directly publish its FX, and cryptocurrency data to Pyth network. Notably, Pyth Network operates on Solana’s proof-of-stake blockchain protocol, and is optimized for scalability.

Also, it’s worth noting that the partnership will improve Pyth’s vision of distributing readily available, real-time, and verifiable data using high-performance blockchains.

David Mercer, CEO of LMAX Group, in a statement expressed his excitement for the new partnership. He noted that the collaboration will transform the capital markets.

According to him, “[…] this is a milestone for the industry as the DeFi ecosystem expands and we look forward to helping develop the network, which will be the primary market data oracle. We are pleased to announce that we are already streaming our leading, precise core FX and crypto data on the network.”

Digital Assets AG Launches Stock Tokens on Solana

Swiss-based firm, Digital Assets AG, unveiled its tokenized stocks on the Solana ecosystem. According to the announcement, the new offering will be solely available for FTX users.

Describing the new development as a game-changer, Digital Assets noted that FTX will offer round-the-clock trading of 55 Solana-based tokenized stocks. Furthermore, buyers and sellers in permitted areas will be able to buy, sell, and withdraw stocks including Facebook, Google, and Tesla tokenized stocks.

Brandon Williams, corporate development lead at Digital Assets in a statement expressed delight with the new offerings. He noted that Solana was picked due to the fact that it is faster and cheaper than Ethereum.

“We believe that operating on the Solana blockchain will offer a much more efficient and cost-effective environment for trading and see the future of traditional finance and capital markets operating on the blockchain. So come and change the face of finance with us!” he stated.

Figment Launches Learning Protocol on Solana

Figment has unveiled Solana Learn Pathway to teach developers how to build on Solana ecosystem. The new initiative focuses on allowing developers to earn SOL while receiving knowledge on how to become Solana experts.

According to Figment, it chose Solana due to its vision to provide a platform that allows developers easily create DApps. Also, for Solana’s unique features, and timestamp system (Proof-of-History); which enables automatically ordered transactions shaped the adoption decision.

The learning program will provide developers with free and easy access to protocols necessary to power their applications via DataHub. It will also provide access to written and streamable educational materials. Additionally, the learning program will also provide opportunities for developers to earn tokens for completing tutorials, and contributing to the community.

Solana Price

Solana, the sixteenth-largest cryptocurrency by market cap, at press time was up 6.5% over the past 24 hours. The token was trading at $32.41 with a 24-hour trading volume of $508,987,590.

Solana ecosystem
Source: Tradingview

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