November 24, 2022

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Last week was another great week for the Solana ecosystem as the project continues to record a rise in the number of DeFi and dApp projects built on its platform. It also witnessed an increase of its native token (SOL), which rallied by 13.8% over the course of the week.

Here are the recent exciting updates from the Solana ecosystem.

Solana Announces Season Hackathon

The Solana ecosystem, which focuses on scaling blockchain for worldwide adoption, announced a global hackathon that would focus on DeFi (decentralized finance), NFTs (non-fungible tokens) and Web3 solutions.

The Solana Season Hackathon will run for three weeks (May 15 – June 7) and has $1 million up for grabs in prizes/seed funding. The hackathon is open to everyone globally.

The event, which Solana says was launched after the success of their DeFi Hackathon, will feature top personalities in the blockchain space as judges. These personalities include Sam Bankman-Fried (CEO of FTX), Jeremy Allaire (founder of Circle), Bobby Ong (COO of CoinGecko), Unica Yin (investment director at Huobi DeFi Labs), and many others.

Anatoly Yakovenko, president of the Solana Foundation, supported the notion that the event was for educational and inspirational purposes only.

He said, “We want to be a part of the development of projects spanning across nations as we believe they will be invaluable in unlocking the potential of blockchain. It is the foundation’s goal to provide the additional help these projects need to support and grow our community.”

Lido Proposes Building Liquid Staking Protocol for Solana

Popular staking giant Lido has announced its decision to tap the Solana blockchain to build a liquid staking protocol. According to the announcement, Solana has the capability to increase assets staked via Lido as well as provide a large recurring revenue stream to the Lido DAO, invariably providing value to its native token (LDO) holders. Lido also noted that the Solana ecosystem can further Lido’s mission to make staking easy and decentralized while utilizing the Solana network.

Lido further disclosed that it selected Solana for the new initiative due to its remarkable growth and adoption in the past year. It noted that the Solana ecosystem is a flourishing network with a lot of protocols being built on it, such as Raydium, Oxygen, Pyth Network, and others.

Lido added, “We also believe that Lido could improve censorship resistance in Solana by spreading stake across multiple nodes operated by professional staking providers governed through a DAO that is highly specialized and that operates across networks. This should in the end benefit all stakeholders in the Solana ecosystem.”

Nerve Finance Launches on Solana

Nerve Finance (NRV), the first stableswap AMM on Binance Smart Chain (BSC), has launched on the Solana ecosystem. Nerve focuses on democratizing DeFi for all users. The platform noted that it launched on Solana as a result of Solana’s strong community, low transaction costs, fast and easy user experience, and decentralized and trustless features.

According to Nerve, launching on Solana will enable it further its mission of making DeFi products more accessible. It would also provide it with the opportunity to become one of the top Solana apps.

Jet Protocol and Parrot Protocol Launch on Solana Ecosystem

Jet Protocol, a lending protocol built on the Solana blockchain, was unveiled last week. According to the protocol, utilizing Solana’s top-notch tech, low transaction costs, and quick and scalable network will usher in the next level of lending products.

Jet Protocol also pointed out that although the Ethereum ecosystem is the most used by DeFi protocols to build on top of, utilizing Solana would launch innovative interest-bearing products which will be used to create markets on Serum DEX.

Similarly, Parrot Protocol, a DeFi network built on Solana, was also announced last week. The protocol will focus on making value locked in DeFi systems more accessible. It currently possesses the PAI stablecoin, a margin trading vAMM, and a non-custodial lending market.

Launch of SolFarm Protocol

In its bid to reduce friction and enable users to earn profit with ease, Solana announced the launch of SolFarm, a first-of-its-kind decentralized yield aggregator built on the Solana platform.

The SolFarm protocol will focus on providing users with optimal APY, gas efficiency, and convenient service. The protocol will integrate with Raydium’s farms to begin earning yield for users.

As a result of the launch of the SolFarm protocol, users can now easily deposit their funds into their vaults and earn optimal yield with efficient time intervals between harvests.

Aurory Gaming Platform to Launch on Solana

Aurory, a gaming platform based on the play to earn mechanism, aims to increase blockchain and crypto adoption through incentives. The platform is set to launch on Solana.

The gaming platform said it believes blockchain is the path for the future of gaming. It also pointed out that it tapped Solana due to its fast blockchain and low transaction fees, which will enable players to benefit from a qualitative gaming experience. Aurory disclosed that it would use an SPL token in its ecosystem.

More interestingly, Aurory revealed that participants can earn NFTs from defeating monsters or creatures in the game. Also, after completing a quest, players stand a chance to earn tokens that will be useable to play multiplayer games or to buy items in its marketplace.

Solana Price

Solana (SOL), witnessed a steady rise last week, recording a 13.8% growth. The token, as of the time of publication, was trading at $45.09 with a 24-hour trading volume of $653,765,635 and a market cap of $12.3 billion.

SOL

Source: TradingView

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