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Top Updates From The Solana Ecosystem | Nov Week 2 (Part 1)

DeFi

www.altcoinbuzz.io 15 November 2021 09:30, UTC
  
Reading time: ~5 m

It was an outstanding week for the Solana ecosystem as the project inaugural conference successfully took place in Lisbon, Portugal. The Breakpoint Conference recorded the announcement of a major achievement, partnership,s and funding for several Solana-based projects.

Solana’s native token, $SOL, slumped by 7% in the last 7 days despite various activities on the network. Therefore, $SOL has since rallied by 2.5% in the last 24-hour with its market cap at USD 73.1 billion. In this article, you’ll discover the recent exciting Top Solana updates from the Solana ecosystem.

1 – DeFi, NFTs Responsible For Solana Growth

The first Top Solana Updates is related to Anatoly Yakovenko, Solana CEO, and Raj Gokal, Solana COO, have disclosed that decentralized finance (DeFi) and non-fungible tokens (NFTs) are responsible for the network’s outstanding growth.

The Solana executives made this known during their address at the just concluded Solana Breakpoint. They stated that the main reasons for the rapid growth of the Solana ecosystem are the popularity of DeFi and NFTs.

Lots of news dropped during @SolanaConf #BreakpointLisbon.

Did you miss out? Catch the highlights: https://t.co/65oWiT3RVb

— Solana (@solana) November 12, 2021

On the other hand, Gokal further revealed that developers on the Solana network were also responsible for the project’s outstanding development. He disclosed that Solana currently has over 1,750 active developers and aims to possess a million developers building Solana-powered dApps.

Finally, the Solana COO revealed that the project currently has over USD 2 billion of venture capital invested in the ecosystem. He also lauded the progress of $SPL Token support across exchanges in the crypto space.

2 – Solana Not Trying To Kill Ethereum -COO

Solana co-founder and COO, Raj Gokal, has explained that the public blockchain platform isn’t trying to kill Ethereum.

“knives out” implies we are trying to kill ethereum. ethereum cannot be killed, it’s impossible. and it’s already a beautiful force of good in the world, empowering millions and creating billions in wealth. bitcoin is quite obviously the same.

stop framing it as a fight

— Raj Gokal (@rajgokal) November 10, 2021

Gokal, via his official Twitter handle, disclosed this nothing can kill Ethereum, even if they tried to.

“It is not just pretty words, man. It really doesn’t have to be a fight. More key pairs are better. Users will be able to switch as these platforms prove out or don’t prove out over time. The TAM is every human with a computer and we should all be trying to get them on web 3.0,” he tweeted.

3 – Reddit Co-Founder Invest on Solana, Web 3.0

Reddit co-founder, Alexis Ohanian, has secured a strategic partnership with Solana venture for a USD 100 million investment initiative in decentralized social projects.

Ohanian, via his official Twitter handle, announced the joint USD 100 million initiative to promote Web 3.0 on the Solana platform. According to reports, the venture firm will invest USD 50 million and Ohanian’s will also donate USD 50 million.

Today I announced on stage at @solanaconf that @sevensevensix will be joining forces with @solana to support the next generation of social with a new $100M initiative. With the power of community, #Web3 is ushering in the Davids who will beat the Goliaths https://t.co/o25sEn1sja

— Alexis Ohanian 7️⃣7️⃣6️⃣ (@alexisohanian) November 9, 2021

“With a high-performance blockchain like Solana, there is an unprecedented opportunity to fuse social and crypto in a way that feels like a Web2 social product but with the added incentive of empowering users with real ownership,” Ohanian said.

Austin Federa, Solana’s head of communications, also expressed delight with the partnership. Federa noted that the collaboration will focus on Solana ecosystem growth. He said: “But the future is cross-chain so the initiative will consider all projects, irrespective of chain.”

4 – Solana Could Become Hub For Crypto Gaming And Social Media, Says Sam Bankman-Fried

Sam Bankman, founder and CEO of FTX, has hinted that the project could become a hub for crypto gaming and social media platforms.

Also, during the concluded Solana Breakpoint in Lisbon, Bankman-Fried spoke on crypto social media, GameFi, and regulations noted that Solana has the potential to lead the space.

Crypto billionaire Sam Bankman-Fried says solana is better than ethereum as it's one of the few netw…#solana #blockchain #roadmap #adoptionhttps://t.co/EkDlqFDCcQ

— CryptoElite (@CryptoEliteNews) November 11, 2021

The FTX CEO revealed that he believed the Solana ecosystem could become a significant hub for blockchain gaming and social media. Therefore, he pointed out the possibility of social media moving on-chain in the future.

5 – Solana Integrates With Brave Browser

The last Top Solana Updates of this article is related to Brave. The company has announced a new partnership with Solana to extend support for its decentralized applications (dApps).

We've partnered with @solana to integrate it into the browser and make it the default for DApp support. We will soon bring best-in-class wallet features for the Solana blockchain into our desktop & mobile browsers. #BreakpointLisbon https://t.co/tTB7NXKWjI

— Brave Software (@brave) November 8, 2021

According to the annoucement, Brave’s 42 million users will be able to utilize the Solana blockchain network for cross-chain and dApps. The integration will also allow Solana dApps to run easily within the browser. Therefore, Solana joined the likes of Ethereum and Binance Smart Chain (BSC) which was previously supported by Brave.

On the other hand, Brendan Eich, CEO and founder of Brave, lauded the partnership saying: “With more and more users and creators requiring tools for fast and affordable access to the decentralized Web, this integration will seamlessly pave the way for the next billion crypto users to harness applications and tokens,”

$SOL Price Update

By the time of writing this article, $SOL is currently the fifth-largest token by marketcap, where in the last 24 hours, its price was up by 2.5%.

On the other hand, $SOL was trading at USD 242.29 with a 24-hour trading volume of USD 1.9 billion. Also, $SOL is currently has a circulating supply of 303 million and a total supply of 508 million tokens.

We hope you’ve learned from the Top Solana Updates.


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