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Top Updates From The Solana Ecosystem | September Week 1

DeFi

www.altcoinbuzz.io 07 September 2021 11:31, UTC
  
Reading time: ~5 m

There seems to be no slowing down for Solana as its native token ($SOL). This week, $SOL has rallied by 40%, setting a new all-time high record of $149.91.

The Solana ecosystem token surpassed Dogecoin to become the seventh-largest cryptocurrency by market cap. Therefore, this makes Solana continue to record more DeFi and dApp projects on its platform.

Here are the recent exciting updates from the Solana ecosystem.

1 – Solana Announces Global Hackathon ‘Ignition.’

Solana ecosystem has unveiled its next global hackathon called “Ignition.” The hackathon is focused on Web3, DeFi, Gaming, and NFTs and is open to global teams.

1/We have IGNITION. Welcome to the global Solana hackathon.🚀

🏆$5 million in prizes+funding across 4 tracks: DeFi, Web3, Gaming & Art/Collectibles
🛤️Tracks presented by @Microsoft, @jumptrading, @StanChart, @FortePlatform, @metaplex

Register+build now👇https://t.co/QKtI2gJulh pic.twitter.com/VHQTzWwf3s

— Solana (@solana) August 31, 2021

The hackathon will run from August 31 to October 8, and participants could win $5 million in prizes.

“Ignition” is the fourth Solana- hackathon and was unveiled due to massive demand. Also, huge companies like Microsoft and Standard Chartered will support the event as sponsors.

On the other hand, Serum, Mango, Pyth, Raydium, among others also offer prizes. Moreover, Jeremy Allaire, Sam Bankman-Fried, among others, have been listed as judges and speakers for the event.

2 – Jason Derulo Declares Support for SOL

As a leading American songwriter, singer, and dancer, Jason Derulo has recently disclosed his support for Solana, lauding SOL’s recent bullish run.

I’m Ridin’ Sol-ana

— Jason Derulo (@jasonderulo) September 4, 2021

Through his official Twitter handle, Jason expressed his delight with the recent price rise of Solana native token. He revealed that he invested in SOL back in June and was thrilled with the token growth.

“I betted on Solana in June. Wow, what a ride! #crypto,” he tweeted.

Although the amount invested by the singer is unknown, it is worth knowing that SOL in June traded between $25 and $41. However, due to its impressive growth at publication, SOL was trading at $136.46.

Also, while Jason Derulo’s investment paid off, it is worth knowing that many celebrities have been entering the crypto space too. While the NFTs space seems to record the largest number of famous new people joining the blockchain industry, the DeFi space also records high numbers. Finally, it’s important to mention that superstars like Snoop Dogg, Eminem, Akon, Coldplay, among others, have invested in different digital assets.

3 – BridgeTower Capital Partners Solana

Solana Foundation has entered a strategic partnership with BridgeTower Capital, a Zurich-based private equity firm. The collaboration will focus on developing blockchain networks in the European Union, United Kingdom, and Switzerland.

According to reports, the partnership will entail both organizations establishing a $20 million fund to boost blockchain networks in selected European countries. This joint venture will support projects built to run on the Solana network. In a statement, Cory Pugh, CEO of BridgeTower Capital, also revealed that the equity firm was already looking into some projects.

Therefore, he further disclosed that collaboration would boost both organization’s presence in the banking and capital markets in Europe. Also, Pugh said that the partnership would promote BridgeTower and Solana in many sectors, invariably aiding its growth.

4 – Audius Integrates Solana NFT

Audius has announced its Solana NFT integration, providing users access to their Solana NFTs on the platform.

📢 Announcing Solana NFT support natively in Audius.

The community has been asking for additional NFT support on their profiles, and it's finally here. You can now display, filter, and sort all of your Solana NFTs directly in your collectibles tab! pic.twitter.com/nAd9svBpUH

— Audius 🎧 $AUDIO (@AudiusProject) September 2, 2021

The integration will utilize Solana-based wallet, Phantom, and allow Audius users to display NFTs from the Solana library. Also, It will enable users to showcase Solana SPL NFT collectibles alongside Ethereum’s ERC-20 NFT collectibles.

Brandon Millman, CEO, and co-founder of Phantom expressed delight with the integration. Millman further lauded Audius, describing the project as the fastest-growing music streaming platform.

Similarly, Roneil Rumburg, co-founder and CEO of Audius, also expressed delight with the new development. According to Rumburg, the new initiative was launched due to a shortage in the essential NFT discovery layer on the Solana platform.

Therefore, he also said: “Building on the success the Audius collectibles tab has had in the Ethereum community, Solana support connects the Solana NFT ecosystem with the over six million monthly users of Audius.”

5 – Solend Records $30 Million in Assets Deposited

Solend, a lending DeFi protocol on Solana’s mainnet, has accumulated $30 million in assets three weeks after its mainnet debut.

It's been 3 weeks since Solend launched to mainnet. Some stats:

$27M in deposits
$10M in borrows
5,300 users

📈 pic.twitter.com/8BGOi9yalP

— Solend ☀️ (@solendprotocol) September 3, 2021

Solend enables users to earn interest on deposits and borrow assets against their tokens on Solana. This Solana project was created as part of the Solana Season Hackathon.

Therefore, the lending protocol currently has $30.1 million in deposits, $10.8 million borrowed assets, and over 5,300 users. Notably, the protocol presently supports only four digital assets; BTC, ETH, SOL, and USDC.

Meanwhile, the protocol recently increased its user’s deposit limits from 1,000 to 10,000 SOL. However, the prior 30 ETH limit has been increased to 300, and the USDC cap has been increased from 100,000 USDC to 1,000,000 USDC, among other things.

Solana Price Update

SOL this week set a new all-time high of $149.91, rallying by 40.6% in the last 7-days.

However, as of publication, the token was down by 4%, trading at $136.46 with a 24-hour trading volume of $3.2 billion. SOL currently has a circulating supply of 290 million SOL coins and a total supply of 489 million.


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