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The Solana Foundation has announced the launch of token extensions, bringing an adaptable token functionality to the Solana ecosystem.
According to details shared on Wednesday, token extensions connect to Solana applications via the blockchain’s standard interface. This capability not only expands the SPL token standard, but also opens up the network for native support of enterprise-grade use cases.
Solana Foundation said in a press release that token extensions offer a “comprehensive suite of turnkey solutions tailored to meet the needs of businesses moving onchain.” They arm developers, enterprises and financial institutions with a ready-to-use tooling.
Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs, commented:
“Solana is the first network to offer this level of integrated developer and user experience in a single token program. We’re already seeing the potential to build using token extensions via deployments from some of the most recognizable names in crypto.”
Token extensions use cases
Some of the extensions include confidential transfers, transfer hooks, permanent delegation and non-transferable tokens.
According to the Solana Foundation, use cases include on-chain payroll, B2B payments, KYC verification, royalty enforcement, and stablecoin regulatory compliance with freeze and seize orders.
Specific use cases will include in stablecoin development, gaming, and real-world asset (RWA) issuance and payments.
3/ Today, there are over a dozen token extensions at the program level unlocking new use-cases, such as:
— Solana (@solana) January 24, 2024
🪙Building a better stablecoin
🎮Leveling up game assets
🏛️Governance for real-world asset (RWA) issuance
& more.https://t.co/zNw9qWgvjA
Among crypto platforms already tapping into token extensions are stablecoin issuers Paxos and GMO Trust. Paxos leveraged the extensions’ permanent delegation and transfer hooks among others to issue its USDP stablecoin on the Solana mainnet.
Meanwhile, GMO Trust issued its regulated Japanese yen (GYEN) and US dollar-pegged ZUSD stablecoins on Solana network, leveraging permanent delegation, metadata pointer and default account state.
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