The 12 Latest Developments in Solana

The Solana chain took a big hit after the FTX collapse. Its SOL token even dropped below $10 for a short while. However, since early 2023, SOL has been on the rise again and hovers currently around $21.

During August 2023, a lot of positive news hit the Solana stands. So, let’s take a look at these new Solana developments.

1) Integration with Shopify

The biggest news for Solana must have been the integration into Shopify. General credit card fees on Shopify range between 1.5% and 3.5%. However, with Solana Pay, this drops to a fraction of a penny. Shopify accounts for 10% of all e-commerce in the US. Solana Pay offers no transaction fees until the end of 2023.

2) Only-Possible-On-Solana Campaign

The Only-Possible-On-Solana campaign highlights what sets Solana apart. For instance,

  • Drip Haus team dropped 25 million NFTs for only $3,000.
  • Hivemapper mapping the world with thousands of dashcams from users.

All this is possible because Solana offers, for example:

  • Lightning-fast consensus.
  • Parallel transactions.
  • Scalable tech.
  • Compressed NFTs.

3) Solana’s GPT-4 Plugin Added to the ChatGPT Plugin Store

This plugin can do many things that can make your Solana journey convenient and easy. It can, for example:

  • Track your wallet balance – It shows all your account data.
  • Understand transactions – Provide detailed information about all your transactions.
  • Or explore NFTs – It can list all your NFTs with their metadata.
4) Maple returned to Solana

Maple Finance is a treasury management solution. It provides yield backed by US Treasury Bills. For example, they have a Cash Management Solution. So, it’s designed for DAOs and Web3 Treasuries operating on Solana. It provides conservative yields on idle capital. The launch should take place in early September.

5) Elusive Offers Private Token Swaps 

With Elusiv, we can welcome private DeFi on Solana. This offers an alternative to the transparency of DEXes. As a result, token swaps leak critical user data. However, Elusiv’s private swaps, decouple the public keys from on-chain activity. It hides your portfolio. So, you prevent plenty of counterparty risk.


Source: Phantom Wallet
6) DRIP Raises $3 Million offers daily new NFTs from a variety of creators and artists. Each week they manage to add new creators to their list. Now, the platform has raised $3 million in a seed round. Placeholder led this seed round. They managed to raise funds from VCs and Angel investors.

7) Brave Introduced Solana NFT Token Gating

Brave Talk added this to their video calls. As long as you use any SOL wallet, this gives you the opportunity to, for example:

  • Use an NFT as your avatar
  • Token-gate access to calls by NFT collection.
  • Automatically assign moderator roles based on NFTs held.
8) Sign In With Solana (SIWS) by Phantom

Another big feature is the Sign In With Solana (SIWS) by Phantom. This is your one-click sign-in method. No more clunky ‘connect’ and ‘sign’ messages. It’s a fast, easy, secure, and decentralized authenticating feature. The feature is already live, and it’s a breeze to use it.

9) Phoenix Exchange Launched

Phoenix calls itself ‘a fully on-chain, limit order book exchange’. This DEX offers, for instance:

  • Instant settlement. 
  • Is maximally composable 
  • Cleanly exposed data 
  • Atomic settlement 
10) Staking with Marinate Native

Marinade Finance launched its Native feature in July 2023. You can stake SOL on autopilot. Native allows you to delegate to 130+ top-performing validators in one click.  As a bonus, there’s no smart contract exposure. Marinade also offers liquid staking.

11) EUROe, Solana’s First Euro Stablecoin

Membrane Finance launched the first native Euro stablecoin on Solana. The EUROe is in compliance with MiCA, the European Markets in Crypto Assets. To clarify, MiCA should start in 2024. You can create and redeem EUROe 1:1 with the Euro, without fees.

12) The First-Ever African Solana-Based Art Exhibition

The first-ever African Solana-based art exhibition started 26th of August. The venue is the Mambaah Cafe/Creative Hub, Maitama, Abuja in Nigeria. It features 17 artists. The ChaosDAO collective is behind the exhibition.


After the FTX collapse, Solana went through some rough times. The SOL token even dipped below $10. However, the resilient chain is bouncing back. August 2023 saw a busy month with plenty of new developments. So, the future looks a lot brighter again for Solana.

The current SOL price is $20.30. It has a market cap of $8.2 billion. The SOL supply is unlimited. However, the total supply is almost 556 million SOL tokens. Out of these, 408 million circulate.

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