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Top Updates From The Solana Ecosystem | August Week 2

DeFi

www.altcoinbuzz.io 19 August 2021 09:02, UTC
  
Reading time: ~5 m

Last week was a bullish week for Solana as its native token (SOL) set a new all-time high of $74.04 (which was surpassed this week). The token rallied by 83.7% in the last 7 days and was trading at $71.90 in the last 24 hours.

Here are the exciting updates from the Solana ecosystem from last week.

1 – Solana Unveils Breakpoint, an Annual Conference

Solana announced its first-ever annual conference aimed at celebrating everything the ecosystem has achieved.

Tagged Breakpoint, the conference is scheduled to take place November 7-10 in Lisbon. It will bring industry leaders, builders, and innovators across the globe together to celebrate Solana’s achievements.

Also, the conference will attempt to solve challenges and create opportunities while building in a web3 space. Breakpoint will host over 100 panels and technical workshops. It will also feature discussions from Meltem Demirors, Balaji S. Srinivasan, Kyle Samani, Sam Bankman-Fried, Jeremy Allaire, amongst others.

2 – Solend Is Live on the Solana Mainnet

Solend, a decentralized protocol for borrowing assets, went live on the Solana blockchain last week.

🚢 Solend is here! 🚢

Solend is now live on Solana mainnet at https://t.co/iwcGDpfn65!

Instantly borrow and lend.

DeFi on Solana is exploding and Solend is here to be an early and important part of the ecosystem. pic.twitter.com/CtFyWUEK0P

— Solend ☀️ (@solendprotocol) August 13, 2021

The protocol enables users to earn interest on deposits and borrow assets against their tokens on Solana. According to the announcement, Solend currently supports only four digital assets – BTC, ETH, SOL, and USDC.

Solend revealed that it chose to build on Solana because of its powerful blockchain that provides near-instant and cheap transactions.

The protocol further expressed gratitude to Pyth Network, Switchboard, and Phantom for providing unique features on Solana that benefit the project.

Additionally, Solend noted that there is an initial deposit limit of $1 million per market and $10,000 per user per market. This is explained as it will reduce the level of risk since the project is quite new.

3 – Saber, Marinade Finance Partner to Create mSOL/SOL Pool

Saber has entered a strategic partnership with Marinade Finance, which is the first liquid staking protocol built on Solana, to create a mSOL/SOL pool.

Announcing Saber's partnership with @MarinadeFinance to make @Solana staking liquid through $mSOL pool 🥩https://t.co/zFGY3ix4ZC

— Saber (@Saber_HQ) August 9, 2021

As a result of the partnership, users will be able to easily stake, trade, and earn rewards on Solana. Customers will also be able to collateralize their staked SOL by tokenizing it in the form of mSOL.

Saber also stated that “staking is the lifeblood of proof-of-stake blockchains like Solana.”

The announcement also disclosed that the partnership will ensure liquid staking derivatives like mSOL are actually liquid. It further revealed that Saber’s stableswap AMM design will ensure low slippage, deep liquidity, and a rich trading experience.

4 – Mango Markets DEX Raises $70M in Token Sale

Mango Markets, a decentralized exchange (DEX) built on the Solana ecosystem. has raised $70 million in a 24-hour token sale.

Congratulations to the @mangomarkets team on their $70m raise! pic.twitter.com/DkUQORoQVP

— Solana (@solana) August 12, 2021

Notably, Mango Markets provides an on-chain trading platform for spot and futures trading. It also serves as a lending protocol, sourcing liquidity from its pools as well as Serum on Solana.

Investors at some point invested more than $500 million in USDC into the trading platform’s 24-hour sale. However, most of the funds were extracted after the grace period of a day, but the project still managed to hold onto $70.5 million in locked value.

According to the report, the funding is aimed at providing an insurance fund to ensure the protocol is protected in case of a breach.

U.S. investors were excluded from the sale, mostly to avoid any regulatory issues. Nonetheless, the token sale still turned out to be one of the largest seed-funding in DeFi history.

5 – Solana Unveils Wormhole

Wormhole, a cross-chain messaging protocol between Solana and other top decentralized finance (DeFi) networks, has launched on Solana.

1/Today we're incredibly excited to announce Wormhole: a generic cross-chain messaging protocol. Wormhole will launch with support for the thriving @Ethereum, @Solana, @Terra_money, @binancechain ecosystems. https://t.co/pEKdeOW821

— Wormhole (@wormholecrypto) August 9, 2021

According to the announcement, the protocol will initially support Solana, Ethereum, Terra, and Binance Smart Chain. Also noting that other prominent chains will be added shortly.

The protocol will have unique features that will enable crypto assets to communicate seamlessly between blockchain networks. Wormhole is fully generic as its messages can contain arbitrary data which allows developers to build applications. It is also very fast as a result of its asynchronous nature.

Additionally, the protocol is easily extensible and fully upgradeable, allowing developers to easily incorporate new chains.

6 – Star Atlas’ Galactic Marketplace Launches on Solana

Star Atlas, the blockchain-powered next-generation gaming metaverse, has launched its marketplace on Solana.

The Galactic Marketplace, the @Solana-powered core of Star Atlas, is now live! 💥🚀 → https://t.co/bVfyBDbotX

🌌 You can now buy and sell any metaverse asset including meta-posters & spaceships!

Learn about our next-level integration with @ProjectSerum: https://t.co/5qQ4K6Qzlr pic.twitter.com/ggSx0KrGll

— Star Atlas (@staratlas) August 4, 2021

Announcing the launch, Star Atlas noted that the marketplace will enable its community to trade meta-posters, spaceships, and other assets. Also, owners of meta-posters and other in-game assets can buy and sell NFTs directly within the marketplace.

The Galactic Marketplace was launched as a result of the Star Atlas integration with Serum, which utilizes Solana’s cheap costs, fast processing capabilities, and other remarkable features.

Michael Wagner, CEO of Star Atlas, expressed his excitement with the launch. According to him, the Serum integration paved the way to a blockchain-powered experience that gives power back to the people.

Solana Price update

SOL hit an all-time high of $74.04 following a bullish week last week. The recent growth pushed the token into the top 10 largest cryptocurrencies by market cap.

Source: TradingView

As of the time of publication, the token was trading at $71.90 with a 24-hour trading volume of $4,279,329,989. Also, it is worth noting that the token has grown by over 14080.0% in the last year alone.


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