Non-fungible tokens, or NFTs, saw an uptick in sales volume for the second consecutive week, reaching $107 million — an 8.5% increase.
A substantial increase in the number of NFT buyers accompanied this growth, reaching 488,141 — a staggering 89.56% rise.
On the other hand, the number of NFT sellers also rose by 69.8%, totaling 198,450, signaling an improved trading environment and heightened market engagement.
Below is a breakdown of what happened in the NFT market over the past week.
Ethereum maintains lead while Solana, Bitcoin follow
Blockchains by weekly NFT sales volume | Source: CryptoSlam
Over the last few weeks, Ethereum (ETH) continued to dominate the NFT market with $36.6 million in total sales, bolstered by 35,236 buyers—a 46.31% increase from the previous week.
Solana (SOL) emerged as a strong contender, recording $26.15 million in total sales, thanks to a substantial 114.07% increase in buyers.
The Bitcoin (BTC) NFT market also saw a notable rise, with total sales hitting $21.4 million, driven by a staggering 222.29% increase in buyers.
Polygon (MATIC), which registered the second-best performance in the previous week, saw its total sales volume drop by more than 15%, pushing it down to the #4 spot just ahead of Immutable (IMX).
Other notable performances came from Zora and Blast, which registered the two highest percentage increases in sales volume at 463% and 227%, respectively.
Top collections: Solana Monkey Business shines
NFT collection rankings by weekly sales volume | Source: CryptoSlam
Among the top NFT collections, Solana Monkey Business led the pack with $4.86 million in sales, representing a 168.38% increase. The collection also saw a significant uptick in transactions (137.34%) and the number of buyers (130.84%).
Close behind was the DMarket collection on the Mythos blockchain, which recorded $4.01 million in sales. Interestingly, it was the only collection among the top 5 by sales volume that registered drops in the numbers of transactions and buyers.
Immutable’s Gods Unchained Cards also made headlines with $3.8 million in sales, reflecting a 61.35% increase. This collection saw notable growth in transactions (76.31%) and buyers (41.21%), showcasing the rising popularity of blockchain-based trading cards.
Top-selling NFTs and fan tokens
In terms of individual sales, Ethereum’s Autoglyphs #167 led with a sale of $274,561, followed by Bitcoin’s Protoshrooms at $148,574. Other significant sales included BNB’s kNFT: Locked kUSDT and Arbitrum’s Umoja Synths, highlighting the diversity and breadth of the NFT market across different blockchains.
Top 5 fan tokens by sales volume
As can be seen in the table above from CryptoSlam, fan tokens also continued to witness explosive growth, with Galatasaray’s token on the Chiliz blockchain recording a $280.5 million in sales. This reflects a 70149.47% increase.
FC Barcelona and Paris Saint-Germain followed with substantial sales volumes, indicating the growing popularity of sports-related NFTs.
Market implications
The NFT market’s latest performance marks a significant turnaround, showing resilience and renewed investor interest after a period of declining sales volumes.
This is the second straight week of improved sales, suggesting a potential upward trend. Notably, this resurgence comes amid a broader rally in the cryptocurrency market, which is currently valued at $2.55 trillion.
Major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana have all registered double-figure price jumps over the past week, further fueling optimism in the digital asset space.
The correlation between the rising crypto prices and the recovering NFT market could be an indication of strengthening confidence among investors, setting a positive tone for the weeks ahead.
Decentralized crypto aggregator Jupiter has found itself in the middle of controversy after announcing a collaboration with an exposed influencer.
Solana decentralized exchange aggregator Jupiter has sparked a furious outrage in the crypto community following its announcement of a collaboration with Irene Zhao, a Singaporean influencer previously implicated in multiple crypto-related dubious activities.
In an X announcement on Jul. 22, the anonymous founder of Jupiter, known as @weremeow, unveiled the collaboration aimed at improving the “meme coin meta” and giving “degens an on-chain mom to care for them when they are sad.” With the initiative, the Jupiter founder said the trading platform wants to address “major problems” plaguing the current meme coin launch environment, such as “fake wide distribution, sniping,” and “lying influencers.”
“If these works, ideally it can serve as a model for other memecoins in contrast to the sniping, opaque control, instadumping prone, paranoid launch meta we see today.”
@weremeow
The announcement, however, was met with swift backlash as the crypto community accused Jupiter of endorsing shady activities by associating them with Zhao.
Blockchain sleuth ZachXBT highlighted the irony of the collaboration, noting that Zhao had previously engaged in opaque dealings with her project So-Col. He alleged that Zhao previously “literally did exactly this [opaque allocations] with her project SOCOL by rugging all of the early investors by doing a secret deal with DWF where terms were not disclosed to them and community had zero knowledge about.”
Hilarious seeing Irene Zhao involved with a “solution” for opaque allocations when she literally did exactly this with her project SOCOL by rugging all of the early investors by doing a secret deal with DWF where terms were not disclosed to them and community had zero knowledge… pic.twitter.com/p0lCpl04mn
In February 2023, market maker DWF Labs invested $1.5 million in Zhao’s startup So-Col by acquiring native SIMP tokens. Zhao had reportedly pledged to lock the tokens in a one-year vesting period set to end in February 2024. However, blockchain data later revealed that DWF received over 3 million SIMP tokens in March and within the same timeframe transferred approximately 2.6 million SIMP to the KuCoin crypto exchange.
Zhao gained popularity in the crypto space in early 2022 by selling her photos as non-fungible tokens (NFTs), amassing over $5 million. She later launched an NFT collection called IreneDAO, aimed at “disrupting the creator economy.” Initially, the collection saw a price floor surge to 1.49 ETH but has since plummeted to 0.05 ETH, representing an 87% decline from its all-time highs, according to CoinGecko data.
Hamilton Lane, an alternative investment management firm, has announced the launch of the first private credit fund on the Solana blockchain.
Investors can now access the asset manager’s Senior Credit Opportunities Fund or SCOPE on Solana (SOL). This makes Hamilton Lane the first major investment manager to put its funds on the blockchain network.
Hamilton Lane partners with Libre
A press release on Tuesday noted that the milestone is a collaboration between Hamilton Lane and Libre, a Brevan Howard and Nomura-backed Web3 protocol. The partnership will allow Hamilton Lane to leverage the Web3 protocol’s technology to issue and distribute its funds on-chain.
Nick Ducoff, the head of institutional growth at Solana Foundation, noted that the integration and launch of SCOPE on the blockchain are major steps in the quest to democratize finance.
This is crucial in bringing institutional finance to more investors, away from the traditional focus on “high-net-worth individuals.”
“Libre’s announcement of an onchain fund with Hamilton Lane and Brevan Howard – two stalwarts of alternative investments – is yet another revelation in the changing democratization of finance. Bringing real world assets onchain provides more flexibility and access to investors around the world,” Ducoff said in a blog post.
Growing embrace of blockchain amid RWA growth
The announcement by Hamilton Lane and Libre adds to a growing trend that has led some of the world’s investment behemoths to turn to blockchain to tokenize funds. This new shift has created a major market where real-world assets (RWAs) are now coming on-chain, including from the world’s largest asset manager, BlackRock.
According to Ducoff, onchain RWAs broadly represent traditional securities such as private funds, money market funds, and exchange-traded funds (ETFs).
RWAs also relate to financial assets that include private credit and real estate that is “tokenized (or linked to an onchain asset).”
Libre and Solana key players
Libre offers the infrastructure that firms can tap into to bring these RWAs to users, with additional benefits including trading and collateralized lending.
Meanwhile, Solana is a “low latency” network that boasts high throughput capability, which companies increasingly seek for tokenization.
Notably, Hamilton Lane has previously tokenized its SCOPE fund on Securitize, a U.S.-based digital securities issuance platform.
Securitize is the transfer agent and broker-dealer for BlackRock’s BUIDL, a tokenized money market fund that recently became the first to hit the $500 million market cap just four months after its launch.
MOTHER Iggy and DADDY Tate’s crypto tokens were under heavy selling pressure on Friday.
DADDY, which is associated with Andrew Tate, crashed by over 20% on Friday and reached an all-time low of .074. Its market cap dropped to over million, down from its all-time high of over 2 million. MOTHER, which was promoted by Rapper Iggy Azelia, dropped to .0666 from an all-time high of .2340. Like DADDY, its market cap has dropped from over 6 million to about million on Friday.
The token crashed even after it was available in Wintermute, a leading algorithmic trading platform. It was also listed by Coins.ph, a leading crypto exchange in the Philippines.
DADDY and MOTHER dropped as a sense of fear spread in the crypto market. The crypto fear and greed index retreated to the neutral level of 52 and is slowly approaching the fear level. It has dropped from the year-to-date high of over 91. In most cases, cryptocurrencies underperform when investors are fearful.
Crypto fear and greed index
Bitcoin and altcoins crashed
The crash happened as a sea of red spread across the crypto industry. Bitcoin fell to ,000, its lowest point since May 15th after it formed a double-top pattern at ,000. In most periods, Bitcoin sets the tone in the crypto market.
Other major coins like Chainlink, Solana, and Cardano also sunk. Similarly, popular meme coins like Pepe, Beercoin, and Bonk fell by double digits.
Therefore, the question is whether DADDY and MOTHER tokens will bounce back or continue the downward trend.
While the sentiment is weak, there is a possibility that they will rebound in the near term as traders buy the dip. A sustained rebound will likely happen if Bitcoin stages a comeback and moves above ,000.
Some crypto bulls like billionaire Michael Novogratz believe that Bitcoin has a room to rebound to 0,000 if it moves above the all-time high of ,6000. Cathie Wood and Rich Dad’s Robert Kiyosaki have made bullish predictions recently.
Few platforms have faced as much skepticism as Solana. Critics often portray it as a centralized network plagued by frequent outages. However, such a narrative does not align with the actual data and progress witnessed within the Solana ecosystem. This article seeks to debunk these misconceptions by comprehensively analyzing Solana’s key metrics.
Contrary to the prevailing negative perception, Solana showcases remarkable growth and innovation across several fronts. The increasing volumes of stablecoins transacted on its network, and the higher decentralized exchange (DEX) volumes compared to Ethereum highlight Solana’s expanding utility. Furthermore, the platform’s superior data throughput showcases its technical capabilities and resilience. Additionally, the surge in new addresses and daily active users further reflects the growing confidence and adoption among the broader crypto community.
By examining these metrics, this article aims to provide a balanced and data-driven perspective on why Solana represents an undervalued asset in the cryptocurrency market as of June 2024.
Table of Contents
Centralization
The decentralization of a blockchain network is complex and cannot be evaluated simply on one metric. A deep dive into which network is truly decentralized based on every detail could fill an entire article. Therefore, we will focus on the Nakamoto coefficient. The Nakamoto coefficient measures the minimum number of entities in a network required to collude to disrupt the system. For proof-of-stake networks like Solana and Ethereum, a 33% stake is significant, while for proof-of-work networks like Bitcoin, 51% control is crucial.
As of June 20, 2024, Solana has 1,525 active validators, with 20 holding more than 33% of the stake. On the other hand, Ethereum has 1,024,619 active validators, with just two entities controlling more than 33% of the stake. A validator must stake 32 ETH to become a node on the Ethereum network. The issue here is that one entity can control multiple validators, masking the actual level of decentralization.
Active Validators and Nakamoto Coefficient, June 20, 2024
According to Dune, Lido and Coinbase hold more than 33% of the stake in Ethereum. If each node holds 32 ETH, then out of the 1,024,629 active nodes, these two entities potentially control 432,389 unique validators. This concentration of control under two entities compromises the decentralization ethos.
ETH Stakers Pie Chart, June 20, 2024
For Bitcoin, the network has 17,692 full nodes that have not been pruned, with 7,516 capable of disrupting the network. Unfortunately, no information exists on each node’s individual hashrate. The calculation of this number used the Peer Index (PIX). The PIX value, ranging from 0.0 to 10.0, updates every 24 hours based on a node’s properties and network metrics, with 10.0 being the most desirable. Nodes with a PIX value of 5 or more were considered.
Some may argue that Bitcoin’s decentralization should be evaluated through hashrate distribution. Currently, two mining pools, Foundry USA and Antpool, control more than 51% of the network’s hashrate.
Bitcoin Mining Pools Pie Chart, June 20, 2024
However, it is incorrect to consider these pools as the network’s controllers because they are pools of individual miners. Mining pools allow miners to combine their computational resources to increase their chances of solving blocks and earning rewards. If a pool begins to act maliciously, individual miners can simply switch to a different pool, maintaining the network’s decentralization.
While the decentralization of blockchain networks is multifaceted and cannot be accurately assessed by a single metric, the Nakamoto coefficient provides a useful lens for comparison. Solana’s position is not as concerning as it may initially seem. With a Nakamoto coefficient indicating that 20 validators hold more than 33% of the stake, Solana appears more decentralized than Ethereum, where just two entities hold more than 33% of the stake. Moreover, even though Solana is not as decentralized as Bitcoin, it still maintains a robust decentralization level, contributing to its security and reliability.
Stability
Solana, known for its high-speed transactions and low fees, has faced scrutiny regarding its network stability due to several outages it has experienced in recent years. However, a closer look reveals that the situation might be overblown. The network’s stability becomes apparent despite the occasional hiccup when examining Solana’s uptime history.
In 2021, Solana experienced no outages and demonstrated a full year of uninterrupted service. However, 2022 saw a significant increase, with 27 outages totaling 108 hours. Moving forward, 2023 showed considerable improvement, with only two outages totaling 19 hours. In 2024, up until June 19, the network had just one outage lasting five hours. These numbers, while notable, tell only part of the story.
Solana’s Uptime History, 2021-2024
When considering uptime, these outages represent a tiny fraction of the total operational hours. For instance, in 2022, despite 27 outages, the network maintained functionality for 99.47% of the year. Similarly, the 19 hours of downtime in 2023 and 5 hours in 2024 up to mid-June account for negligible interruptions in an otherwise stable performance.
The main culprit of these outages is Solana’s design. The network prioritizes speed and low costs, which attract heavy usage. This high traffic can lead to congestion and instability. For example, Solana produces a block every 400 ms, much faster than other blockchains. Due to the rapid production rate, when block creation halts for an hour or two, it appears more severe. However, other blockchains, even Bitcoin, also face downtime. For instance, it took over two hours to mine block 689301 following block 689300.
Solana’s strategy of pushing its performance boundaries allows it to encounter and resolve real-world challenges that theoretical models and simulations cannot foresee. This approach resembles SpaceX’s iterative process of learning from failures to achieve rapid innovation. Although some critics view Solana’s historical downtimes as a liability, this rigorous testing and problem-solving phase ultimately provides a significant competitive advantage.
Solana by the Numbers
Daily active wallets
Solana currently has 1,600,000 daily active wallets, significantly higher than Ethereum’s 367,000 daily active wallets.
Daily Active Addresses, January 2024 – June 2024
Inflows and outflows
Additionally, between April 2023 and June 2024, Solana had 1.73 million in inflows and 4.21 million in outflows. In contrast, Ethereum had 4.17 million in inflows and 4.1 million in outflows. This results in a net inflow of about 0 million for Solana, compared to Ethereum’s net inflow of approximately ,000.
Total Transferred Amount Between Bridges, April 2023 – June 2024
DEX volumes
In terms of DEX volumes, Solana has also performed excellently. It has begun to match or exceed Ethereum’s trading volumes on several occasions. This is significant because Solana’s market cap is about billion, much smaller than Ethereum’s 0 billion. Additionally, Solana’s token was launched only four years ago, compared to Ethereum’s nine years in the market. Despite being newer and smaller, Solana’s ability to compete with Ethereum in DEX volumes showcases its potential.
DEX Trading Volumes, January 2024 – June 2024
Stablecoin transfer volumes
Solana’s high stablecoin transfer volumes stem from its fast transaction speeds and low fees, making it attractive to users. The network’s ability to process many transactions efficiently supports high-volume activity. Additionally, Solana’s focus on scalability and user-friendly experience further drives its dominance in stablecoin transfers.
Stablecoin Transfer Volumes, January 2024 – June 2024
Revenue
Solana’s revenue has surged to 50% of Ethereum’s in mid 2024, an unprecedented high. Historically, during the peak activity periods of 2021 and 2022, Solana’s revenue was less than 1% of Ethereum’s. At the beginning of 2024, this figure was approximately 10%. This dramatic increase in revenue ratio indicates Solana’s growing usage and economic activity on the network.
Solana’s Revenue, April 2020 – June 2024
Conclusion
Solana’s narrative as a centralized and unreliable network does not hold up against the actual data. With its robust technical capabilities and growing adoption, Solana demonstrates significant progress and resilience. The Nakamoto coefficient shows Solana’s decentralization is more favorable than Ethereum’s, with fewer entities required to collude to disrupt the network. Although not as decentralized as Bitcoin, Solana still maintains a substantial level of decentralization, which contributes to its security and reliability.
Network stability, often criticized due to past outages, shows marked improvement, with substantial uptime and continuous enhancements. Solana’s strategic focus on high performance and scalability results in occasional instability but also rapid innovation and resilience akin to iterative development seen in other cutting-edge tech fields.
Metrics such as daily active wallets, inflows and outflows, decentralized exchange volumes, and revenue indicate Solana’s rising prominence in the cryptocurrency ecosystem. Despite its smaller market cap and younger age, the network’s ability to handle high transaction volumes at low costs positions it as a formidable competitor to Ethereum.
Overall, Solana’s performance and growth reflect a platform that is not only maturing but also setting new standards in the industry, challenging prevailing negative perceptions and establishing itself as a valuable asset in the market.
Solana could bleed down to an price point as institutional ETFs and meme coin trading slow.
Crypto expert Andrew Kang, co-founder of a crypto-focused venture capital company, suggested in a recent post that market shifts in ETF integration could slow down Solana’s (SOL) bullish sentiment.
Kang believes that Solana (SOL) has shown strong performance recently but could be affected by the unpredictable demand from meme traders. If meme trading decreases in the future, the price of SOL could fall hard to the level.
Kang also mentioned that despite the potential impact of meme traders, the underlying technology and long-term potential of Solana could support its price in the future.
ETF integration
Kang contended that the delayed integration of ETFs into wealth management platforms could significantly impact the cryptocurrency market. Most of the expected influx of ETF money is now projected to come in quarter four or toward the end of the year.
In the absence of substantial ETF inflows, the momentum in the cryptocurrency market could be reversing from upward to downward. However, Kang believes that Bitcoin (BTC) will maintain its strength, with prices unlikely to fall below the ,000 mark.
Ethereum’s expectations
Ethereum (ETH) might sustain its value until the ETF approval, but its upside is projected to be limited to the low ,000s this year, per Kang. If there isn’t sufficient inflow and the numbers fall short, or if there is substantial selling of ETH, ETH could decline to the low to mid ,000 range.
The Ethereum community is often seen as having strong advocacy and understanding, which may lead to high expectations for the impact of ETFs among investors who are not familiar with crypto. However, insights from traditional finance experts indicate relatively low interest in Ethereum ETFs.
The crypto venture firm Pantera Capital says Ethereum’s losing steam as Solana has become a “major contender for the future of blockchain development.”
Pantera Capital, a crypto venture capital firm managing billions in assets, reportedly eyeing a purchase of millions worth of SOL from the bankrupt FTX exchange, appears to be increasingly highlighting Solana’s potential over Ethereum to investors.
Tokens rolled out on decentralized exchanges by chain | Source: Pantera Capital
In a Jun. 18 newsletter, the Menlo Park-headquartered venture capital firm said Ethereum’s dominance “appears to be yielding to the multi-polar model,” pointing to Solana as a new prominent product that gained “significant share over the past year.”
“The shift is reminiscent of Microsoft’s dominance of the early desktop computer market, until Apple broke through with its vertically integrated approach. Solana is now a major contender for the future of blockchain development.”
Pantera Capital
Drawing parallels to Apple‘s breakthrough in the early days of personal computing, Pantera likened Solana’s integrated approach to Apple’s vertically integrated strategy with macOS, saying the network’s monolithic architecture has a product roadmap “focused on optimizing every component of its own blockchain.”
Trading volumes compared between Ethereum and Solana | Source: Pantera Capital
The venture capital firm says Solana’s “architectural advantages” enable a range of use cases and user experiences that “may be more challenging to implement on modular blockchains like Ethereum and Cosmos,” citing Solana’s “fast, low-cost transactions.”
“Solana’s architectural advantages are enabling it to capture an outsized share of the new demand coming into the blockchain space, accelerating its ascent as a rival to Ethereum.”
Pantera Capital
The firm’s endorsement of Solana follows reports saying that Pantera Capital was among the bidders for SOL tokens auctioned by FTX during its bankruptcy proceedings earlier this year, buying a significant stake in the tokens. Reports indicate that Pantera Capital was interested in buying auctioned SOL tokens amounting to as much as 0 million, although the precise amount acquired hasn’t been disclosed.
In just two months, the infamous maximal extractible value (MEV) sandwich bot “arsc” accumulated roughly million by exploiting Solana users via MEV attacks.
MEV sandwich attacks involve an attacker strategically placing their own transactions around a victim’s transaction, manipulating prices to take advantage of the situation. This strategy allows them to profit by purchasing the victim’s tokens at a discounted price below their market value and swiftly selling them in the same block.
On Jun. 15, Ben Coverston, the founder of cryptocurrency company MRGN Research, shed light on the activity of this particular sandwich bot, “arsc,” which has been secretly profiting from unaware Solana network users.
Over the past 1-2 months, arsc, the infamous sandwich bot on Solana, has pocketed over million 🤯!
Coverston observed that the bot, primarily operating from a wallet address labeled “9973h…zyWp6,” appears to be using a cold storage strategy to protect its funds.
“It is quite inactive and, judging by its behavior, is almost certainly a locked-down, cold wallet.”
Ben Coverston
This wallet now houses more than million in total funds, including roughly million in Solana tokens and .1 million in Circle’s USD Coin (USDC) stablecoin. Furthermore, the wallet also contains minor amounts of Kabosu (KAB), Cringe Coin (CRINGE), and Wrapped Solana (wSOL).
Coverston noted that another significant wallet, identified as “Ai4zq…VXKKT,” is considerably more active in decentralized finance activities, adding that the wallet is steadily converting SOL to USDC via Jupiter’s dollar-cost averaging (DCA), a feature that allows users to place orders at specific price levels to minimize slippage.
The founder of MRGN Research pointed out that the wallet holds “significant” positions in Kamino and other liquidity-staking tokens, totaling over .9 million, primarily composed of non-SOL tokens.
Coverston also pointed out a third wallet address, identified as “BCbrp…vi58q,” which he alleges serves as arsc’s “main SOL bank.” These three wallets collectively hold tokens valued at .8 million at current market prices, indicating efforts by arsc’s operator to remain low-profile.
“It seems they don’t enjoy the attention, as they’ve recently gone to great lengths to hide their activities and profits.”
Ben Coverston
MEV sandwich bots use advanced algorithms to identify and take advantage of such profit possibilities. Similar activities have been noted among maximal extractable value bots on Ethereum as well. For example, earlier this year, an MEV arbitrage bot operator — known as 2Fast — made a profit of .8 million from a single transaction bundle.
Under 2Fast’s direction, the bot increased an initial investment of 703 SOL, valued at nearly ,000, to a stunning 19,035 SOL, worth approximately .9 million. An additional 890 SOL was graciously awarded to Figment, a well-known network validator.
As the activities of MEV bots continue to draw attention, regulatory bodies are starting to take notice. The European Securities and Markets Authority (ESMA) is currently investigating MEV as a potential form of illegal market abuse in its proposed technical standards for the Markets in Crypto-Assets (MiCA) regulation.
Circle has expanded its Web3 Services, adding support for Solana, the company said in an announcement.
Circle’s Web3 Services empower businesses and developers looking to launch on-chain apps. To bring these benefits to Solana, Circle is launching its Programmable Wallets and gas stations on the network.
“With this initial launch of Circle’s Programmable Wallets supporting the Solana ecosystem, we’re excited to empower Solana developers to build innovative applications that are secure, scalable, fast, and cost efficient,” Circle noted.
Integration will be in two phases
Circle plans to enable the integration in two phases, starting with support for Programmable Wallets and Gas Station. The platform’s APIs and SDKs will allow developers to build and scale applications with fungible token transfers and capacity to sponsor end user transaction fees.
The next phase of the integration will see developers benefit from support for non-fungible tokens (NFTs) and Smart Contract Platform interactions. Updates will also allow for additional use cases, including NFT integration in gaming and for brand loyalty.
Currently, Circle’s Programmable Wallets are enabled for Ethereum, Polygon PoS, and Avalanche. Solana is the latest blockchain integration.
Solana’s network growth
Circle’s expansion of its Web3 Services to Solana is only the latest collaboration that aims to strengthen the blockchain platform.
The company also offers native USDC and EURC integration on Solana, and enabled its Cross-Chain Transfer Protocol (CCTP) on the network in March.
Solana has also seen major partnerships and integrations with other ecosystem players. Recently, Squads Labs announced Solana’s first smart wallet Fuse, unveiling a public TestFlight for iOS.
In late May, payments giant PayPal expanded native availability of its stablecoin PayPal USD (PYUSD) to Solana.
PayPal noted that the integration is key to enhancing commerce across the globe, with users benefitting from transaction speed and low costs.
