Solana updates

This week, Solana native token ($SOL) has dropped by 10% after a brief outage. According to CoinGecko, the drop marks $SOL in its lowest downturn in two weeks, with its market cap currently at $48.0 billion.

However, the Solana ecosystem continues to record more DeFi dApps. This converts Solana into one of the essential blockchains in the ecosystem.

Let’s take a look at the most exciting updates from the Solana ecosystem recently.

1 – Solana Network Outage

This week, the Solana ecosystem experienced a surprising shut down for 17 hours. Users weren’t able to buy, sell and trade the $SOL token.

Solana’s outage generated different opinions from users. Some defended the blockchain platform, and others expressed their displeasure. Teddy Fusaro, president of Bitwise Asset Management, said: “This is something we’ve seen since they’ve become a phenomenon.”

However, Edward Moya, senior analyst at OANDA, also said that the blockchain platform was not as decentralized.

Finally, the Solana founder, explained that Solana’s failure was caused by bots overrunning during a Raydium IDO.

2 – Katy Perry, Nas, and Jason Derulo Invest in Audius

Solana-based decentralized music protocol, Audius, is growing remarkably recording USD 5 million in investments.

Therefore, artists like Katy Perry and The Chainsmokers invested in Audius. Also, Jason Derulo, Pusha T, among others, has contributed to Audius’s successful fundraising campaign. It reached USD 5 million.

Likewise, Forrest Browning, Audius’s co-founder and chief product officer, expressed his delight with the platform’s growth. Browning further revealed that Audius is looking to add more easy-to-use crypto features.

Finally, Audius currently boasts more than six million monthly users and recently secured a strategic partnership with TikTok.

3 – Wormhole Launches Ethereum Solana Bridge

Wormhole Network has announced the launch of the Ethereum-Solana bridge, allowing users to move assets between each chain.

Wormhole, via a statement, announced the launch of the token bridge. Firstly, it would be supported only between Ethereum and Solana. Then, the new update will entail the migration of assets from Wormhole V1 to Wormhole V2.

Also, the migration of assets from V1 to V2 will be supported by Saber, which currently has USD 4 billion in TVL.

4 – Solana Unveils Breakpoint Global Fellows Program

Solana and Jump Crypto have launched a program for young developers with interest in the Solana ecosystem.

The initiative will focus on young engineers between the ages of 16 and 24. Participants will be mentored and have direct connections with the teams of the Solana dApps.

Finally, donations from Solana’s community members are open to every young developer. Notably, the application for the Global Fellows Program will close on October 1st, 2021.

5 – Jet Protocol launches on Solana

Solana-based borrowing and lending protocol, Jet Protocol has officially launched its alpha product on the Solana devnet.

Jet Protocol noted that users can now borrow against or earn a yield on their crypto-assets. The new venture will also introduce Solana to its improved cross-margining borrowing and lending experience.

Will Barnes, co-founder, and CEO of Jet Protocol lauded Solana for its low fees and high throughput network. According to Barnes, Solana’s solution will help Jet build a protocol with market-driven interest rates.

“We will foster an ecosystem of entrepreneurs to make Jet the best it can be as a front-end interface,” he added.

6 – Dassi Finance Wins BuildingOutLoud Hackathon

Dassi Finance, a zero-interest micro-lending protocol, won the Solana India hackathon.

Therefore, the initiative was launched to accelerate the growth of the Indian crypto ecosystem. It is supported by Superpumped and Devfolio, among other tech companies and investors.

Finally, the hackathon recorded 3,100 participants and received over 100 project submissions from India. Dassi Finance claimed the grand prize of USD 10,000.

7 – Saber Launches new BUSD / USDC pool

Saber, a Solana-based AMM, has unveiled a BUSD/USDC pool.

Saber’s new pool, which was launched in collaboration with Allbridge, will allow users to trade and supply liquidity for $BUSD directly from BSC.

$SOL update

Since January 2021, the $SOL price boosted its value to 9,276.3% to secure its place as the seven largest token by market cap.


Source: CoinGecko

The $SOL token was down by 0.8% in the last 24 hours. Trading at USD 141.01 with a 24-hour trading volume of USD 5.3 billion. $SOL currently has a circulating supply of 297 million $SOL tokens and a total supply of 489 million tokens.

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