Solana is one of the top blockchains which is thriving within the DeFi & NFT space, currently ranked as the ninth largest asset according to market capitalization. It is a public, open-sourced blockchain that intends to offer scalable smart contracts within the limits of decentralization and in a secured environment.
Founded in 2017, the protocol works on the combination of Proof-of-Stake & Proof-of-History mechanism that aims to offer high transaction speed, while being cost-effective. Solana recently released a weekly blog shedding light on the upcoming key mainnet developments.
The platform proposed an ‘off-chain Message Signing’ with a hardware wallet which could enable other features like log-in with a wallet or providing ownership over a wallet without a transaction, etc.
Another major upgrade that was confirmed recently is the release of ‘Seahorse’ which is a framework for developing Solana programs on python. The upgrade is powered by Anchor Protocol which aims to gather 100 million developers on Solana.
Top Solana Ecosystem Tokens by Market Cap
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Latest News on Solana Ecosystem Tokens
- Solana rolled out the Summer Camp Hackathon where the developers are allowed to submit their projects and receive a seed fund of $5 million as a reward.
The Solana Summer Camp Hackathon submission form is now live! 🏕️
🗓️Projects are due by 11:59pm PST on August 16
🏆$5 million in prizes & seed funding up for grabs
Good luck to all 18,000+ participants!https://t.co/x5jAbKEdmu
— Solana (@solana) August 9, 2022
Also Read: Solana (SOL) Whitepaper Summary
- DeBridge, a Web3 platform, collaborated with Solana to build a Solana Transaction Parser. A parser is a tool that will enable the developers to easily read & decode the transactions in human-readable form.
1/ Buildooors, we’re thrilled to open-source the first transaction parser for @solana🎉
Read on to see how the parser can become an important tool in the development, debugging, and inspecting of transactions in a human-readable format🧵⤵️https://t.co/b3UjufpqRd
— deBridge🌉 (@deBridgeFinance) August 9, 2022
- Audius protocol recently fell prey to an attack, where the hacker moved away with 18.5 million AUDIO tokens worth nearly $6.05 million. However, this Solana Project overcomes the loopholes and began to function quite normally.
Post-mortem from this weekend’s attack is now live: https://t.co/aPUv2fPUm7
– Audited contracts were compromised due to an exploit in the contract initialization code that allowed repeated invocations of the “initialize” function.
— Audius 🎧 (@AudiusProject) July 25, 2022
- The Audius network introduced a tipping feature where-in one can send tips to their favorite artists & curators on the platform.
📢 Introducing $AUDIO Tipping!
— Audius 🎧 (@AudiusProject) July 19, 2022
- Serum collaborated with VYBE Network, a Web 3 Platform, to build Web3 data solutions products for Solana. It would be a trading interface with the other functionalities like limit & market orders for all Serum markets, statistics on order book liquidity & tokens, Market depth charts, external links to historical data and many more.
The Serum community is excited to announce the launch of the Vybe DEX, powered by @ProjectSerum!
This new trading interface will be powered by Serum’s CLOB and matching engine and is now available on desktop web interfaces! ⚙️
Trade today at https://t.co/m5etV8YR98
— Serum (@ProjectSerum) August 10, 2022
- The project earlier announced its partnership with Magic Eden, an NFT buying & selling platform on Solana, to power Semi-Fungible Token (SFT). This collaboration aims at the development of GameFi on Solana.
- Solana Project – Raydium along with Ocra leads the monthly traffic among Solana’s Automated Market Makers (AMM) while Raydium gathered 3 times more traffic than Orca.
Monthly traffic of AMMs on @solana
— S◎lanians ☀️ (@solanians_) August 9, 2022
- Coinbase includes Raydium in its roadmap to list on their platform along with Gnosis and Metal.
Additional Read: Top Cryptos to Watch this Week
Mango Markets (MNGO)
- A Solana whale recently moved $25 million of USDC debt from Solend to Mango Markets to reduce the utilization of USDC within Solend and allow the other users to withdraw their assets.
This doesn’t completely solve the problem however, since the large liquidation wall still exists.
We’re in touch with the Mango team and 3oSE…uRbE to figure out a long term plan.
— 🙏🚫 Solend (we’re hiring!) (@solendprotocol) June 21, 2022
- Mango DAO, the governing body of Mango Markets, approved a $1 million treasury investment in Solana ecosystem tokens, ditching Bitcoin.
Collectively, Solana and the entire ecosystem are working hard towards the development of the DeFi and mainly the Web3 space. Despite multiple hacks and security breaches, the platform stands strong displaying its capability to sustain itself within the top chains and assets in the market.
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Prices as of August 11th, 2022