Lưu trữ cho từ khóa: Web3

DeFi

Web3 wallets: The digital payment solution for the next billion users | Opinion

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The swift integration of digital payments has positioned web3 wallets as a central component of today’s financial ecosystem. In light of Thailand’s $13 billion digital wallet initiative, the question of how to build secure and scalable web3 wallets has become more urgent than ever. Are current web3 wallets truly ready for mass adoption, and what are the ways to address some of the most significant challenges in the space?

The expansion of wallet use cases

Web3 wallets, often regarded as gateways to the decentralized world, are evolving fast. Initially, their main use case revolved around storing and transferring cryptocurrencies. However, their utility now extends far beyond that. Non-custodial wallets are transforming the concept of ownership and control, empowering users to directly manage their digital assets, tokens, and even NFTs. They are becoming essential for DeFi, iGaming, and even governance voting within DAOs.

As these use cases expand, so does the adoption of web3 wallets. And Bitget Wallet’s rapid growth might be a good indicator of this trend. A significant factor in this growth has been Bitget Wallet’s web2 integrations, which boosted its monthly active users to 12 million, and tap-to-earn games, which have attracted a large audience by implementing wallet features directly into engaging mobile games. This has proven to be a major driver of adoption, particularly for regions where traditional finance is limited. 

Challenges to adoption

Along with the growth, web3 wallets face significant hurdles when it comes to mass adoption. One of the most prominent challenges is security. A CertiK report recently revealed over $1.84 billion in security incidents tied to wallet vulnerabilities. While offering enhanced control, non-custodial wallets also place the security burden directly on users. It presents a high-risk scenario, particularly for individuals who are not technically savvy.

Implementing keyless multi-party computation technology is one way to address these issues. The upgrade eliminates the storage of private keys on any device or server, reducing the risk of hacking significantly. MPC provides a robust security layer without sacrificing convenience, as it distributes the control of private keys across multiple parties.

Another feature to tackle security concerns head-on is a self-custody model. Users maintain full control over their private keys, ensuring they, not third parties, are responsible for their assets. This self-custody feature is critical in empowering users, as it reduces the reliance on intermediaries and centralized custodial services that are prone to hacking. Users can trust that their assets are fully under their control, enhancing both security and user confidence.

Additionally, the incorporation of established web2 platforms like Telegram for user onboarding displays an innovative strategy for bridging the gap between web2 and web3. This kind of integration lowers the entry barriers, making it easier for new users to transition into the world of DeFi with no need for a comprehensive understanding of the complexities behind blockchain technology.

While scaling quickly to meet growing demand, especially as digital payments gain traction globally, wallets must ensure that their security measures remain ironclad. The ease of use and security often exist in a trade-off. Wallets that emphasize user-friendliness may risk cutting corners in security. On the other hand, more secure wallets often require a level of technical expertise that can be a barrier to mainstream adoption. Striking a balance between these two factors is critical for the long-term success of web3 wallets. 

What comes next?

Looking forward, the future of web3 wallets will depend on their ability to continue evolving in line with the broader adoption of digital assets and payments. Web3 wallets will need to be both scalable and secure to meet the needs of a diverse, global audience. The path forward will likely involve further innovations in security, including the wider adoption of MPC technology, as well as efforts to make web3 wallets even more accessible to non-crypto natives. 

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Theo Crypto News

Công nghệ

Ava Protocol set to power Sony’s new blockchain, Soneium

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EigenLayer Actively Validated Service Ava Protocol will power automation for Sony Block Solution Labs new layer-2 blockchain, Soneium.

According to the protocol’s press release, Ava Protocol will deploy its event-driven automation infrastructure to power the Soneium Spark incubation program.

By doing so, creators and developers have the chance to monetize as well as manage their work on Sonieum using Ava Protocol’s intent-based, no-code automation.

Speaking to crypto.news, founder of Ava Protocol Chris Li explained that Ava Protocol benefits from lower computation and storage costs, surpassing even the traditional layer-2 solutions.

“Our technology provides creators and developers with the tools they need to be truly empowered when it comes to their assets,” said Chris to crypto.news.

Regarding the debate between layer-1 and layer-2 solutions, Li remarked that Ava Protocol’s solutions “allow users to bridge assets across layer-2s and layer-1s with a single click.”

“With this collaboration, we’re taking a significant step toward our vision of being the leading solution for smart contract automation on Soneium,” said Li to crypto.news.

Li also clarified that the launch of Ava Protocol’s native asset will not affect the Soneium integration as they are viewed as “two separate events”.

Creators on Soneium can also use Ava Protocol to tokenize real-world assets, opening up opportunities for users to monetize art, intellectual property, and physical goods through decentralized marketplaces.

Soneium was designed to be an open-source, all-purpose blockchain that serves the needs of users across all platforms. Through this partnership, Ava Protocol will be able to execute transactions and smart contracts on Soneium based on specific conditions like price changes, time, or events.

It supports recurring payments, stop-loss orders, and yield harvesting, as well as NFT updates and minting.

Previously, Ava Protocol launched an AVS on the Ethereum restaking protocol EigenLayer, achieving the total value locked of $3 billion. So far, more than 35 ecosystem dApp developers have used its automation technology.

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NFT

Web3 gaming mainstream adoption will happen gradually, then suddenly | Opinion

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The iGaming industry is witnessing impressive growth, with global market projections reaching $127 billion by 2027. A driving force behind this trend is web3 gaming, which offers enhanced gaming experiences through features like in-game asset ownership, community-driven development, and increased transparency. 

Unlike mobile gaming, which can be costly and require multiple in-app purchases to unlock a viable gaming experience, web3 enables users to monetize their spending and gain a sense of ownership of the game. Yet, web3 gaming is still in its infancy and has some headwinds to overcome before capturing the imagination of the mainstream.

The rising popularity of web3 gaming

Between February 2023 and 2024, the web3 gaming sector received a total of over $162 million distributed across early and mid-stage funding. Richer gaming experiences paired with new revenue streams for developers through token sales, NFT trading, and in-game assets create a more sustainable and diversified business model in a decentralized and transparent environment. Web3 gaming provides innovative and creative opportunities for developers to experiment with new ideas, such as DeFi integration and VR and AR experiences—and global gaming studios are taking note. 

According to a recent report by CoinGecko, 29 out of 40 of the world’s largest video game companies are investing in web3 gaming, including Microsoft, Tencent, Sony, and Nintendo. It includes investing directly in web3 gaming projects, actively engaging in blockchain game development, and hiring for blockchain-related roles.  Epic Games, an eSports pioneer, is also riding the web3 gaming wave with plans to introduce at least 20 NFT games to the Epic Games Store in 2024 alone.

Meeting gamers where they’re at—Telegram 

While opportunities in web3 gaming abound, it remains a niche segment. Gaming studios and developers need to employ creative tactics to capitalize on existing user bases and appeal to them on a deeper level. Telegram-based games are a prime example of this, with the rapidly growing ecosystem of token-backed mini-apps leveraging the vast social network’s over 900 million users and appealing to them with innovative gameplay, token rewards, and digital asset airdrops. Within weeks of launching during an airdrop for Notcoin (NOT) players in May of this year, the NOT token reached a market capitalization of over $2 billion. 

Understanding the importance of meeting gamers where they are to draw in a broader audience, Notcoin has since partnered with us at Helika to establish an incubator for the next generation of Telegram games. The Telegram Gaming Accelerator will aid the developers of Telegram-based mini-apps to better understand their users, cultivate exciting experiences, and entice newcomers with value-driven incentives. As more and more traditional gamers catch on to the possibilities of web3 gaming, mainstream adoption will happen gradually, then suddenly. 

Scaling web3 gaming for the mass market

Despite the undeniable groundswell, web3 gaming must overcome additional challenges to scale for mass market adoption. For non-crypto-users, the barriers to entry remain prohibitively high with complexities such as integrating web3 wallets and learning about self-custody best practices beyond the reach of the average gamer. Many web3 games struggle to gain traction due to high fees and high latency from the underlying blockchain architecture, and game developers suffer from a lack of quality analytics to gain visibility into their on-chain game economies. 

As blockchain-based gaming races to overcome these hurdles, abstract the complexities of interacting with the blockchain away, and scale the tech to overcome lagging, reliable data partners are essential. Web3 game developers need to understand which elements of their games are working (and which aren’t) to cultivate a user experience that feels as smooth and compelling as the one they are used to—with all the added benefits of web3. This remains pivotal to onboarding the masses.

As users seek more immersive gaming experiences, web3 gaming holds the key, and global gaming studios are throwing their hats into the ring. With almost one billion users globally, initiatives like the Telegram Gaming Accelerator mark a giant step toward triggering mass adoption and igniting the game theory that will onboard the next billion to the ubiquitous web.

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Theo Crypto News

Công nghệ

Crypto VC funding: Celestia, Infinex, Pencils Protocol score backing

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In this week’s venture capital update, more than $253 million flowed into the crypto startup world, although the bulk of that funding went to the blockchain network Celestia Foundation.

Crypto.news perused social media and tapped the latest data from Crypto Fundraising to determine that over a dozen companies raised capital between Sept. 22 and Sept. 28.

Celestia Foundation, $100 million

The Liechtenstein-based non-profit organization, known for building Celestia (TIA), raised $100 million from major crypto-focused venture capital firms, led by Bain Capital Crypto.

Infinex, $65.29 million

Infinex, a decentralized exchange, secured $65.29 million via a non-fungible token, or NFT, sale. Framework Ventures, Solana Ventures, Wintermute, Eden Block, Moonrock Capital and Bankless VC each participated in the effort.

Pencils Protocol, $30 million

Pencils Protocol, an auction platform and yield aggregator on Scroll, raised an additional $30 million. DePIN X, Taisu Ventures, Black GM Capital and Bing Ventures are among its strategic investors.

Initia, $14 million

Initia clinched $14 million in a Series A round. Tomasz Tunguz and Spencer Farrar from Theory VC led the effort. Delphi Ventures and Hack VC also participate.d.

Mawari Network, $10.8 million

TK

Mind Network, $10 million

Mind Network raised $10 million in a pre-A funding round. Investors in the effort included Animoca Brands, Arkstream Capital, Cogitent VC, MH Ventures, Moonhill Capital, SwissBorg, IBC Group, Master VC, and others.

Darkbright, $6 million

Bitkraft Ventures led an oversubscribed $6 million seed round for Darkbright, the web3 studio behind the Smolbound role-playing game.

Daylight, $6 million

Union Square Ventures and 1kx Network co-led a $6-million seed funding round in crypto platform Daylight. The startup is known for its transaction recommendation API.

Gunzilla Games, $6 million

Delphi Ventures invested in Gunzilla Games, its largest gaming investment to date. Gunzilla’s GUNZ blockchain is a key component of the studio’s upcoming Web3 game, “Off The Grid.”

AminoChain, $5 million

AminoChain, a decentralized biobank and Layer 2 network, remained relatively quiet over the past two years. That is, until, a16z crypto led a $5 million seed funding round for the startup. This brought total funding to $7 million. The deal marks a16z’s first investment in DeSci, or decentralized science.

Funding rounds < $5 million

  • Eigenpie: The restaking SubDAO designed to maximize earning potential for liquid staking token holders raised $4 million.
  • Meshmap: The open and decentralized platform received $4 million from a16z, Colosseum, Lattice, Escape Velocity, GSR and other institutions.
  • Meridian: ParaFi Capital, Borderless Capital, Amber Group, Saison Capital, Interop Ventures, and Oak Grove Ventures pooled $4 million for the Hong Kong-based decentralized liquidity marketplace.
  • Helixlabs: The startup nabbed $2 million in a pre-seed funding round from Tribe Capital, EMURGO Ventures, Taureon Capital, LD Capital, and Double Peak Group. Its valuation hovers at around $40 million.
  • EarthFast: Nascent led a $1.4 million pre-seed funding round; The General Partnership also participated alongside Kain Warwick, Roneil Rumburg, Bodhi Ventures

For last week’s column, click here.

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GameFi investment is surging: Blockchain becomes a staple in every title | Opinion

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Web3 gaming has received a lot of skepticism over the past few years. However, the industry has undergone substantial changes in the developer’s approach to gameplay mechanics, reward models, and inclusivity factors. The result? We’re seeing GameFi emerge stronger than ever. 

It’s not just a theoretical observation but rather a statistical one. In the second quarter of 2024, blockchain gaming projects received a remarkable $1.1 billion investment—a 314% jump from the previous quarter. The positive investment sentiment is largely attributed to the growing adoption of web3 games, as they now account for 28% of all dApp activity.

So, it’s safe to say that GameFi is evolving. But what comes next? How does the industry maintain this momentum, and where is blockchain gaming headed on a global scale?

From web3 niche to industry standard

One thing is clear: Web3 gaming is no longer a fleeting trend. Blockchain technology has now cemented itself as an essential tool for the gaming industry, and the reasons are compelling. The most significant advantage that blockchain brings to the table is ownership. Players can now own in-game assets such as skins, characters, or items, creating real value that extends beyond a single title. Web2 games traditionally allowed players to make in-game purchases, but these assets remained tied to the game’s ecosystem, with no option for real ownership. Blockchain breaks this barrier by ensuring true asset ownership and secure transactions, allowing players to trade or sell items across multiple platforms.

Investors have taken notice. The massive capital injection we saw in Q2 2024 is just the start, and the strategic implications go beyond the numbers. Investors are now looking for games that offer long-term value—games where blockchain mechanics complement the gameplay, not overshadow it. This signals a new phase for GameFi, where the focus shifts from short-term speculative gains to creating sustainable ecosystems for both players and developers.

So, developers who ignore this shift risk falling behind. Those who embrace blockchain and web3 technology as part of their long-term strategies are more likely to survive in a market that is rapidly becoming blockchain-centric.

Removing the friction of web3 adoption

For blockchain gaming to achieve mainstream appeal, it must shed the complexity associated with web3 mechanics. One of the common critiques from gamers unfamiliar with web3 is that it introduces unnecessary complications. The integration of wallets, NFTs, and tokens can alienate players who simply want an entertaining experience. Games should be games first—whether they use blockchain or not. What sets blockchain gaming apart is that it adds layers of opportunity, not confusion, as long as developers focus on ease of use.

The solution lies in seamless integration. In successful blockchain games, the underlying technology becomes invisible to the player. They don’t need to understand the intricacies of NFTs or smart contracts. What they see is a game where they can trade, own, and invest in digital assets without any technical friction. Developers are increasingly focusing on making blockchain elements ‘background’ technology that improves player experience rather than becomes the experience itself. When this balance is struck, web3 gaming will see massive adoption from gamers who once dismissed it as overly complicated.

The future of GameFi: Long-term vision and strategic investment

As the market matures, the focus is moving from the play-to-earn business models and more to the competitive and efficient gaming environments. Many early P2E GameFi projects have already collapsed due to unrealistic tokenomics and shallow gameplay mechanics.

The lesson learned here is crucial: Games should not be built around profit motives alone. Fun and engaging gameplay must remain the priority, with blockchain providing opportunities for rewards and ownership as a secondary benefit.

We also learned to accept and adapt to this shift at Farcana, which initially launched as a P2E game but has now been rebranded as a “Bitcoin Shooter.” We have shifted focus to the competitive nature of the game first. Players earn Bitcoin (BTC) as a reward for mastering gameplay—not for simply logging in or participating. This model encourages true player investment and skill development, moving away from the short-term profit-seeking behaviors that characterized earlier GameFi projects.

Games that value experience and competitiveness will also resonate strongly with investors. Investors scrutinize the technology behind the games and the teams developing them. A key component to securing investment is showing that your game can stand the test of time. Building trust through transparent tokenomics and strong community engagement is essential.

Interoperability and cross-platform potential

Another promising direction for the GameFi business is interoperability, where assets are easily transmitted from one game, platform, or even a blockchain to the other. This cross-platform compatibility may change gaming at its core. E-sports leaders can also see a future where a sword attained in one game can be used in another or where a player can exchange in-game money in another game, creating an extra layer of the economy. This is exactly where blockchain technology is set up to advance the concept, and we are already witnessing the first attempts.

This will act as a major trend that will drive GameFi adoption around the world. Well, it’s no longer possible to provide games as stand-alone applications that work in isolation from other titles. People’s money should be protected and have a possibility of gaining value in other experiences, and the technology for this is already available. When web developers focus on ways to make games interoperable, they will be able to catch both the gamers and the investor’s attention and reveal completely new ways of monetizing.

Security and players’ trust

As GameFi continues to grow, security remains a critical concern. One of the biggest reasons why most web3 gaming projects failed after 2021 was the underlying security vulnerabilities. The decentralized nature of blockchain offers solutions to many of the traditional security problems that plague online gaming, such as fraud, hacking, and item theft. Blockchain’s immutable ledger ensures that assets are tied to players, not individual games, protecting player investments regardless of what happens to the game itself.

This ability to secure assets creates a trust-based ecosystem—a feature that will be crucial for mainstream adoption. Players need to feel confident that their in-game investments are safe, even if a game goes offline or a developer disbands. Blockchain’s security protocols, when implemented correctly, offer this peace of mind.

The road ahead

It’s evident now that, as an industry, we’re moving towards a future where web3 technology is a standard feature of most games. Mass adoption is inevitable, but it will require strategic investment, seamless integration, and a commitment to fun, accessible gameplay. 

New projects must understand that it isn’t just about earning a quick profit—it’s about creating immersive, engaging worlds where blockchain technology does not complicate the player experience. The key to unlocking this growth will be the industry’s ability to balance fun and accessibility while seamlessly integrating blockchain elements—an equilibrium that, once achieved, will usher in the next generation of gaming.

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Theo Crypto News

DeFi

Finding blockchain harmony to encourage TradFi participation | Opinion

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Traditional finance has taken a U-turn from the industry’s initial dismissive reaction to Bitcoin (BTC)  and blockchain technology altogether. Earlier this year, we witnessed the SEC approve spot Ether and spot Bitcoin ETFs, including from leading asset manager BlackRock. Concurrently, State Street, a large global bank, plans to launch a stablecoin, and TradFi trading hub Robinhood has expanded its crypto operations. 

While rigidly centralized institutions playing an oversized role in crypto developments could introduce risks to the industry’s decentralized ethos, most web3 enthusiasts are open to TradFi participation as it would accelerate adoption. Regardless, ties between the broader financial world and the emerging digital assets sector are steadily moving forward.   

Despite high-profile ETFs, growing interest in DeFi, and tokenized real-world assets, many financial institutions are reluctant to engage directly with various blockchain networks. The reason for this isn’t due to worries of SEC lawsuits or crypto’s inherent volatility; rather, it relates to the very nature in which banks operate. 

As trusted intermediaries managing customers’ assets and providing financial services, most banks find it hard to engage with public blockchains where transaction history and other private data are available for all to view. While transparency and openness are core web3 principles and are used to build trust among decentralized communities, this could lead to exposing private customer information within institutions. 

Financial institutions will always need to comply with local regulatory frameworks, which makes engaging with public blockchains complicated and limits flexibility in the rapidly evolving digital asset space. As such, banks wanting to engage with blockchain and crypto, for one reason or another, typically elect to do so via private blockchains due to privacy and compliance considerations. 

Private networks provide banks with a controlled environment, enabling them to experiment within a compliant and secure space, allowing more partners to join over time. While this is good for institutions looking to understand blockchain technology or perhaps implement it to facilitate their own payment systems, it blocks access to the vast majority of DeFi products, apps, and protocols. It also denies access to any liquidity stored on public blockchain protocols.

Sure, there are cross-chain bridges, sidechains, layer-2s, and other solutions that financial institutions could leverage to gain a bit more exposure to crypto markets. However, these solutions risk introducing the same security threats and vulnerabilities that led financial institutions to select private blockchains in the first place.

This puts financial institutions, especially smaller banks lacking the resources to take calculated risks, in a bind when trying to establish the most robust digital asset strategies to meet the rising demand of both retail and institutional clients. However, new projects are working to bridge these gaps and broaden the scope of institutions entering blockchain.

Vixichain, for example, is developing a solution for this problem that is confronting institutions. Its layer-1 blockchain, set to launch early next year, allows institutions to interact with crypto and DeFi compliantly. The network bridges the gap between legal frameworks and the innovative potential of web3 by using a stablecoin built with NFT technology. While it may sound unorthodox, this enables traceability and verifies authenticity, combining the best aspects of public and private blockchains. 

Vixichain’s objective is to build a private blockchain where financial institutions act as validators. This allows users to receive quotes from available nodes and choose the relevant partner to execute payments, while its NFT stablecoin facilitates easy access to the wider crypto ecosystem. 

Those in the web3 industry understand the value behind mainstream adoption, and strategically cooperating with TradFi provides more rewards than risks. For example, experience with compliance, risk management, and added liquidity are just some of the benefits that TradFi brings to the table. The key to leveraging TradFi’s desire to partake in digital asset marketplaces requires innovative solutions that strike a balance between the pros of both public and private blockchains.

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Theo Crypto News

Altcoin

Coinbase’s Base smart contracts contain over 34k vulnerabilities, data shows

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Base network saw over 34,000 high-risk vulnerabilities in its smart contracts, including malicious boolean checks and library tampering, according to new data.

Blockchain networks face growing security challenges as malicious actors exploit vulnerabilities in smart contracts, with Coinbase’s Base network leading in high-risk detections.

According to data from Trugard Labs, which identified risks using its Xcalibur tool, Base accounted for more than 34,000 high-risk detections in its smart contracts during August.

The Coinbase-incubated network was particularly susceptible to Digital Signature issues, with nearly 22,000 detections related to tampering in standard libraries like SafeMath. Malicious boolean checks on token transfers also posed significant risks, with over 6,300 instances identified on Base. These checks could block or manipulate token transfers, presenting a key vulnerability.

High risks identified across blockchains in August | Source: Trugard

Web2 hackers turn to web3

Trugard Labs identified several other major threats across the Base network, including unauthorized token burns, balance updates, and controlled minting attacks. Hidden balance updates and minting manipulations were also detected across Ethereum and BNB Chain (formerly Binance Smart Chain, BSC), though in smaller numbers.

Cross-chain comparison Top by risk share | Source: Trugard

The surge in malicious activity on Base underscores the vulnerability of protocols deployed on the network to exploitation, as cybercriminal groups that once operated in web2 “have now shifted focus to the burgeoning web3 ecosystem,” analysts at Trugard say.

As the decentralized finance sector grows, so does its appeal to threat actors. In the past, web2 criminals specialized in phishing, ransomware, and exploiting vulnerabilities in centralized systems. Trugard says those same tactics are now being adapted to exploit “vulnerabilities in smart contracts, decentralized finance protocols, and blockchain networks.”

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Civic and Rentality launch blockchain-based car rental verification

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Civic, a blockchain-based identity management platform, has teamed up with Rentality, a Web3 car rental service, to introduce a new way to verify driver’s licenses and enforce age restrictions. 

This partnership uses blockchain technology to bring a higher level of security and compliance to the car rental industry, starting on the Base network, according to a press release shared with crypto.news.

The concept, called the Civic ID Verification Pass, allows Rentality users to verify their identity and driver’s license online without needing to visit a physical rental location. This verification process eliminates the need for intermediaries, such as rental companies or agents, making it faster and more efficient.

Instead of publicly revealing personal information, the Civic system enables users to prove their identity privately while complying with legal requirements.

How the Civic ID Verification Pass will work

For those unfamiliar with blockchain and Web3, the technology enables people to interact directly through decentralized platforms, bypassing traditional third parties. Blockchain is a digital ledger that securely records transactions, making it useful for various industries. In this case, it helps users verify their identities and rent cars without involving rental agencies or insurance companies.

According to Civic CEO Chris Hart, this collaboration ensures safety and compliance for both car owners and renters. 

“With the Civic ID Verification Pass, users can verify their identity without publicly revealing sensitive information and providers can comply with know-your-customer (KYC) requirements. By working together, Civic and Rentality encourage the safety of drivers and cars belonging to owners in line with regulatory requirements without needing in-person verification.”

Chris Hart, CEO of Civic.

Rentality’s CEO, Oleksandr Tatura, mentioned that the partnership is already live in Miami and will soon expand to other U.S. regions.

Rentality aims to streamline car rentals by connecting renters and car owners directly. To rent a vehicle, users connect their crypto wallet to the platform, register, and complete the verification process with a Civic ID pass.  Payment can be made using various cryptocurrencies.

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The Graph upgrades tooling for Solana devs to accelerate dApp deployment

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The Graph, a decentralized protocol for blockchain data indexing and access, has introduced key upgrades aimed at enhancing the decentralized applications ecosystem on Solana.

A press release shared with crypto.news on Sept. 16 states that The Graph (GRT) has upgraded its tooling on Solana (SOL) network to offer new ways for developers to access and leverage the blockchain.

With the upgrades, developers now have more options to access indexed Solana data. The substreams-powered subgraphs allow those building on the smart contracts platform to tap into pre-built solutions from providers like Messari and Top Ledger.

Leveraging Substreams-powered subgraphs

In The Graph’s ecosystem, substreams-powered subgraphs offer technology that enables faster indexing for decentralized applications. Benefits include a dev-environment where dapp developers can use coding tools both remotely and locally.

Developers on Solana can also utilize this technology to sync projects quickly. Builders can access Solana blockchain data without needing to use substreams or the Rust programming language.

A boost to Solana’s web3 ecosystem

This means developers can get the best out of Solana’s network amid the web3 explosion, noted Nick Hansen, head of growth at The Graph Foundation. He highlighted features like high throughput, low fees, and a growing ecosystem of DeFi projects.

“The meteoric rise of developer and user activity on Solana has created a huge demand for open, decentralized data that is true to the values of web3. The Graph’s latest tooling upgrade and enhanced support will ensure the Solana community can get even more value out of web3’s decentralized data layer.”

Nick Hansen, head of growth at The Graph Foundation.

Apart from Solana developers, data analysts and the broader web3 community are also likely to find the new tools crucial.

The Graph, launched in 2018, has grown into one of the key blockchain projects in the web3 space. Developers have deployed dapps built with subgraphs on more than 70 blockchains, including Ethereum (ETH), Arbitrum (ARB), and Avalanche (AVAX).

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