Solana’s “Breakout” Moment? Hackathon & BlackRock Signal Growing Ecosystem

Solana is gearing up for a developer-focused event with its Solana Breakout Hackathon, starting April 14, with project submissions due May 16. The aim is to spur the creation of the next generation of consumer applications on the Solana blockchain.

Solana Labs co-founder Anatoly Yakovenko is challenging participants to create apps that would impress Nikita Bier, known for founding the viral social media app, tbh. Bier is now an advisor to Solana and a product growth partner at Lightspeed Ventures, a major crypto VC firm.

Yakovenko Lays Down the Rules

In a post on X, Yakovenko gave some straightforward advice to participants:

• Avoid naming their projects with “sol” in them.
• Be transparent about how the application generates revenue.
• Recognize that 95% of crypto apps either create or trade tokens (including NFTs).

Yakovenko noted that successful crypto apps typically focus on either creation (like content platforms) or trading (enhancing user experience). He pointed to examples like CryptoKitties and StepN, which thrived by integrating these models, while often struggling with the trading aspect.

How is Solana’s SOL Token Performing?

Solana’s native token, SOL, is currently trading at $143.95, a nearly 3% increase over the last 24 hours. Data from CoinMarketCap shows SOL is above its 20-day Exponential Moving Average ($137), with a market cap of $73.62 billion.

Related: Arthur Hayes’ Hot Take: Ethereum to $5,000 Before Solana Even Nears $300

Increased trading volume and a bullish signal on the RSI suggest a potential move towards the $160-$180 range in the coming weeks.

What’s the Significance of BlackRock’s Move to Solana?

Meanwhile, institutional interest in Solana continues to rise as BlackRock’s BUIDL fund has launched on the network.

Securitize, a leader in real-world asset (RWA) tokenization, has brought BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) to Solana. This offers institutional-grade, yield-bearing assets, like US treasury bills, with dividends paid directly to wallets.

Related: 21Shares Brings Bitcoin, Solana, and XRP ETPs to Nordic Markets

As of late March, over $1.7 billion in BUIDL tokens have been issued across different blockchains. By using Solana’s speed and low fees, BlackRock intends to further expand institutional adoption of tokenized real-world assets.