Back to the list

Top Updates From The Solana Ecosystem | Grayscale Adds $SOL To GDLC

www.altcoinbuzz.io 04 October 2021 07:56, UTC
Reading time: ~4 m

It was another excellent week for the Solana ecosystem as the project recorded more remarkable growth. Solana ($SOL) also rallied as its price increased by USD 25.2 while the entire crypto market recovered from the recent decline.

Also, the Solana updates continue to add more projects to its platform and is also gaining attention among institutional investors.

Here are the recent exciting Solana updates:

1 – Solana Foundation Hits 1,000 Active Validators on Mainnet Beta

Solana ecosystem continues to record impressive growth as its announced a new milestone of 1,000 active validators on its mainnet.

1/ Today we are celebrating an important milestone in the #Solana network’s growth: > 1,000 active validators on Mainnet Beta! 🎉🎉🔐 pic.twitter.com/uInQsHzyEs

— Solana Foundation (@SolanaFndn) September 27, 2021

According to the announcement, Solana has recorded the addition of over 400 new validators to its network since June 2021. Also, the foundation further revealed that the total 1,000 validators on its mainnet Beta cut across 28 countries globally.

Therefore, Solana expressed delight with the achievement, describing the validator as “what makes decentralizing the future of finance possible.”

2 – NFT’s on Solana Hit $1bn Market Cap

In an outstanding development for Solana, the market cap of nonfungible tokens (NFTs) on the network has surpassed USD 1 billion.

Solana Monkey Business, Degenerate Ape Academy, Galactic Gecko Space Garage, and other NFT platforms have been credited for the achievement. According to the Solanalysis, Solana Monkey Business contributes a whopping $384.7 million while Degenerate Ape Academy ($284.8 million).

Other platforms propelling Solana NFT space include Aurory with USD 57.5 million, Thugbirdz with USD 55.1 million, and Star Atlas. Austin Federa, while expressing his delight with the growth, noted that more projects are coming to the Solana ecosystem.

NFT's on @solana hit $1 Billion market cap. 1 community. We Keep Making it. SOLANA.@SolanaMBS @DegenApeAcademy @galacticgeckosg @AuroryProject @staratlas @thugbirdz @Austin_Federa #solanaszn #WAGMI pic.twitter.com/s9KYNYFwgx

— solanalysis (@solanalysis) October 1, 2021

Meanwhile, this week Solana Monkey Business sold an NFT for 13,027 $SOL (USD 2.1 million), making it the most expensive Solana-based NFT.

3 – Grayscale Adds Solana to Digital Large Cap Fund

Leading digital asset manager, Grayscale has added Solana’s native token,$SOL, to its Digital Large Cap Fund (GDLC) portfolio.

We just announced the updated fund component weightings for Grayscale Digital Large Cap Fund, which now includes #Solana ($SOL) and #Uniswap ($UNI). This is the first time SOL will be included in a Grayscale investment vehicle. Read this thread for more. (1/5)

— Grayscale (@Grayscale) October 1, 2021

The addition comes during Grayscale quarterly rebalancing of its current USD 494 million GDLC fund portfolio. Solana ($SOL) now holds 3.24% of the portfolio.

On the other hand, currently the fourth-largest holding in the Grayscale portfolio, $SOL is surpassed by Bitcoin (62.19%), Ethereum (26.08%), and Cardano (5.11%). Other assets present in GDLC include Uniswap (1.06%), Chainlink (0.82%), Litecoin (0.77%) and Bitcoin Cash (0.73%).

4 – Saber, Port Finance Unveil pUSDT / pUSDC Pool

Saber has entered a strategic partnership with Port Finance to launch a pUSDC / pUSDT liquidity pool.

Saber is launching a pUSDC / pUSDT pool in partnership with @Port_Finance – deposits and SBR rewards are live now! https://t.co/1HFu4WdZaE
Check out more details about pUSDC and pUSDT here: https://t.co/8QH69TZFIc

— Saber (@Saber_HQ) October 1, 2021

According to the announcement, Port Finance users can deposit USDC and receive pUSDC, which accrues interest. Also, users can borrow USDC by deposit assets and generate pUSDC at a percentage of the collateral.

According to the announcement, the partnership will utilize Port Finance’s mechanism for fee-free swapping of USDC/pUSDC and USDT/pUSDC and a router.

5 – Genopets Comes To Solana Ecosystem

Genopets a Play-to-Earn NFT Game has announced its decision to build on the Solana ecosystem.

We've all heard of #PlayToEarn, but are you read to #MoveToEarn? 👟 #Genopets will get you moving! What do you think @Solana community?? 🚀

Get ready for #SolanaSummer in the #Genoverse 🪐 https://t.co/5Q1rAdj1Rf

— Genopets (@genopets) September 28, 2021

According to the announcement, Genopets revealed that more than a million people actively played a Play-to-Earn blockchain game daily.

Also, the blockchain gaming platform revealed that its decision to build on Solana was due to its scalability, top-notch security, fast transactions, cheap costs, among others.

“[…] Solana is scalable and cost-efficient, so you don’t have to worry about growth on fragmented Layer 2 systems or sharded chains,” Genopets noted.

6 – FTX Hints NFT Marketplace Support for Solana Projects

Cryptocurrency exchange FTX has hinted at adding support for several leading Solana-based nonfungible token (NFT) projects.

The crypto exchange in a cryptic tweet displayed five silhouetted figures which depict NFTs of projects in the Solana ecosystem.

The hidden images include Degen Ape Academy, Aurory, Thugbirdz Solana Monkey Business, and Galactic Geckos.

Brett Harrison, President of FTX.US, in a tweet, also suggested that the crypto exchange was already exploring NFTs:

it’s a good time to set up an account at ftx us (where sol nft deposits and withdrawals will be available)! you don’t need to live in the us to have an ftx us account. https://t.co/7SvEQB2g6W

— Brett Harrison (@Brett_FTXUS) September 30, 2021

$SOL Price Update

Solana ($SOL), which is currently the sixth-largest token by market cap, had decreased 2.4% at the time of publication.

Source: CoinGecko

The token, according to Coingecko, was trading at USD 168.97 with a 24-hour trading volume of USD 3.1 billion. $SOL currently has a circulating supply of 297.8 million SOL coins and a total supply of 488.6 million.

Back to the list