Top Updates From the Solana Ecosystem | May Week 3

It was a week of ups and downs for the Solana ecosystem as its native token dropped by over 47% in the last 7 days.

This was due to the recent cryptocurrency sell-off the crypto space witnessed. As of the time of writing, SOL was still trying to find a strong resistance. However, Solana continues to record major addition to its ecosystem, aiding its remarkable growth and setting it amongst one of the most active networks in the blockchain space.

According to Solana, there are currently over 250 projects in the Solana ecosystem, including unique wallet solutions, decentralized exchanges, lending protocols, staking platforms, digital games, storage solutions, metaverse platforms, amongst several others.

Here are more recent exciting updates from the Solana ecosystem.

Coinbase Pro Adds Support for Solana (SOL)

It was great news for the Solana ecosystem as it announced that SOL would go live on Coinbase Pro, most due to its recent growth, which saw the token set a new all-time record last week.

According to the announcement, SOL will go live on Coinbase Pro on May 24, and the cryptocurrency exchange has already enabled SOL deposits. The US-based exchange will feature five trading pairs for the SOL token, namely SOL-USD, SOL-BTC, SOL-EUR, SOL-GBP, and SOL-USDT.

It is worth noting that as a result of the new development Coinbase Pro becomes the second U.S. exchange to list the token after Binance.US. Additionally, Coinbase revealed that it added support for SOL due to customer’s request for more digital assets to trade on its platform.

Hacken Partners Solana to Promote Blockchain Projects in Ukraine

In another great development for the Solana ecosystem, leading cybersecurity consulting firm Hacken Foundation has announced a partnership with Solana to promote the growth of innovative blockchain projects in Ukraine.

According to Hacken, the collaboration would enable the cybersecurity firm to invest in and guide decentralized finance (DeFi) and cybersecurity-centric projects in the country. Additionally, this enables its experts to extend technical development support to upcoming and promising teams to grow their communities.

Notably, the partnership includes other blockchain platforms such as, Coin DCX, and BRZ, who will work together to fulfil Solana’s vision of making sure that blockchain technologies are accessible by everyone.

Anatoly Yakovenko, President of the Solana Foundation, in a statement noted that “Solana believes that emerging markets have infinite potential, and we are dedicated to helping bring key projects and services in these regions to fruition.”

While, Dyma Budorin, CEO at Hacken, disclosed that the cybersecurity firm sees a big opportunity in Solana’s expansion in Ukraine. According to him, “Hacken see a wide range of opportunities to work with projects which are solving some of the most important problems.”

Decentralized Naming Service Launch on Solana

In a bid to make the Solana ecosystem more user-friendly, the blockchain platform has announced the launch of a Solana name service. This service would provide a decentralized and affordable way to map domain names to on-chain data.

While stating the benefit of the new name service Bonfida, a data, analytics, and GUIs platform for Serum, noted that the initiative would help increase the adoption of blockchain.

According to Bonfida, the name service would tackle the issue of SOL address formats, which it noted is a barrier to adoption. Explaining that having a human-readable address would facilitate payments by enabling people to exchange assets by simply sharing a name.

Also, the naming service would eradicate common decentralized applications (dApps) single point of failure, which is the centralized and censorable domain name, by providing on-chain domain names that cannot be censored or taken away.

Symmetry Protocol Launch on Solana

Symmetry, a decentralized index protocol, has launched on Solana. The new project would focus on providing users with easy and intuitive platforms that provide them with up-to-date information on the ecosystem.

According to the announcement, Symmetry was created to enable everyone to create and buy custom indices easily. This would invariably improve risk-to-reward ratios for any budget user and provide rebalancing which prevents volatile assets from taking higher portion of an index, making it riskier over time.

Solana Price

As of the time of publication, Solana (SOL) price was up by 14.9% over the last 24 hours, and was trading at $29.18 with a 24-hour trading volume of $2,121,408,345.

Solana Ecosystem

Source: TradingView

It currently has a market cap of $7,855,173,300 with a circulating supply of 273 million SOL coins and a max supply of 489 million.

Also, it is worth noting that the token has grown by over 8,934% in the last one year alone and Binance is currently the most active market trading SOL.

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