Solana updates october week 2

It was a week of ups and downs for the Solana ecosystem as the $SOL price dropped by 8.5% in the seven days and was trading at USD 154.76.

However, Solana recorded new heights as the market cap of NFTs on the network surpassing USD 1 billion. Also, the Solana ecosystem continues to add projects and is gaining attention among institutional investors. Here are the Top Solana updates from the Solana ecosystem.

1 – Solana is the Netflix of Cryptocurrency

The first of the Top Solana updates is the remarkable development of the Solana ecosystem has led popular analysts to describe Solana as the Netflix of cryptocurrencies. During his appearance on the Business Breakdown podcast, Kyle Samani, co-founder and managing partner at Multicoin Capital, compared Solana to Netflix.

According to Samani, Solana’s interoperability is higher than Algorand’s, making it a superior blockchain network.

Samani noted that Solana offers the predictability and scalability that projects need. It also lauded the speed and high potential that projects have been able to achieve. Furthermore, Samani noted that Solana was the future of the Defi space. He said the blockchain network could tackle the current challenges in the crypto industry.

“I assume that if you’re going to get to a world where you have a billion daily active users who are each producing a hundred transactions per day […], I think the only way we’re going to get there is zero-knowledge stuff on top of Solana,” he stated.

2 – 21Shares Achieves New Milestone

Following the Top Solana updates, 21Shares has attained a groundbreaking milestone of USD 2 billion in assets under management.

The leading crypto exchange-traded product, ETP, provider via a press release, announced this new achievement. Therefore, 21Shares credited its remarkable growth to its Solana ETP, which launched under the ticker ASOL SE earlier this year.

Furthermore, ASOL SE has surpassed over USD 100 million. Also, 21Shares noted that it’s Solana ETP is responsible for the growth as it has attracted the attention of institutional investors.

In a statement, Hany Rashwan, Co-Founder and CEO of 21Shares, expressed his delight with the growth. “We’ve been extremely fortunate to have our business strategy – including our people and product plans – align with market activity to create such unprecedented opportunities,” he said.

3 – Synthetify Now Live on Solana

Synthetify is a decentralized protocol that enables users to create and exchange synthetic assets that are now live on Solana.

The protocol noted that in less than 24 hours of its launch, it recorded its first USD 1 million TVL. Currently, users can swap five different synthetic assets (xUSD, xBTC, xSOL, xFTT, and xETH).

Therefore, Synthetify is focused on synthetic assets, which are backed by $SNY tokens on Solana. The project noted that staking $SNY gives users participation in a global debt pool. This debt pool acts as a counterparty for other users to trade against.

At the time of writing, the protocol already gathered USD 1.5 million in its global debt pool. xUSD is providing over 80% of the staked pool while xSOL contributes 11%, among others.

4 – Nexo Adds Support for Solana 

Leading cryptocurrency lending and savings platform, Nexo, has added support for Solana’s native token ($SOL).

As a result of the integration, users can now buy, borrow against and earn about 8% interest on their $SOL. Also, customers can swap their $SOL on the Nexo Exchange and borrow against their $SOL holdings from as low as 6.9% APR.

Currently, the available trading %SOL pairs at Nexo include SOL/BTC, SOL/ETH, SOL/USDT, SOL/USD, SOL/EUR, and SOL/GBP.

Additionally, Nexo also unveiled support for $SOL via its flagship Earn Crypto Interest suite. Customers can also get instant cash against their $SOL through Nexo’s Instant Crypto Credit Lines.

5 – Mean Protocol’s MeanFi Launches on Solana

Mean Protocol has announced the launch of its self-custody, permissionless, and trustless bank, MeanFi, on the Solana blockchain.

According to the announcement, MeanFi aims to make decentralized finance (DeFi) the new economic standard. It is focused on bringing cryptocurrency and DeFi to everyday banking.

Also, the protocol disclosed that the choice to build on Solana was mainly to develop DeFi products and blockchain infrastructure. It intends to help web3 developers onboard the next 100 million users via their apps.

Therefore, the protocol noted that developers and users would enjoy the network’s cheap costs and speedy transactions by building on Solana. “[…] developers and users can trade and perform investment workloads and everyday banking workloads at almost zero cost,” it noted.

In addition, the protocol noted that MeanFi would have other unique features like a Universal Liquidity Market. It will also have a simple concept to help people become regular investors, among other things.

6 – Phantom Rolls Out Upgrade

The last Top Solana updates is that Phantom has announced the v0.12.0 update, which will focus on safety improvements to protect users from malicious websites and scammers.

Phantom noted that the upgrade would make it harder for malicious actors to scam users out of their hard-earned assets. The v0.12.0, according to the announcement, will make Solana safer as some configuration was done to the digital wallet.

Notable among the changes is the removal of the “auto-approve” toggle from the connection request pop-up. Phantom also tapped anti-phishing specialists at PhishFort to make sure phishing sites and fake apps were shut down quickly.

Additionally, better, safer support and helpful information about a transaction will be available for users. Phantom will also block websites that are considered malicious and redirect users to a warning page.

$SOL Price Update

$SOL which is currently the sixth-largest token by market cap had a 3.9% drop at publication. Coingecko said $SOL was trading at $153.74 with a 24-hour trading volume of USD 1.38 billion. $SOL currently has a circulating supply of 299.5 million $SOL coins and a total supply of 488 million.

I hope you liked the Top Solana updates

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