4 Developments Putting Solana Ahead Of Competing Blockchains

CryptoMode Solana

Many cryptocurrency enthusiasts display a strong affinity toward the Solana ecosystem. As one of the many competitors to Ethereu, the network certainly packs tremendous potential. Several recent developments will put a stronger focus on Solana and what its developers aim to achieve. 

Phantom Wallet Beta

One of the main developments to look out for is new wallets supporting Solana. Phantom is building such a tool and recently launched the beta version. Their wallet works inside any browser, making it more convenient and accessible to the majority of people. Although a beta release is not as exciting as a final version, it marks an important milestone for this project.

Similar to MetaMask, Phantom wants to combine ease-of-use and top-notch security into one. The Solana ecosystem will benefit from such a wallet solution, as accessing alternative cryptocurrency ecosystems is often a daunting task for newcomers. With Phantom’s help, that may no longer be the case for novices who want to explore the Solana network. 

OKEx & MXC Investments

When two of the largest Asian cryptocurrency exchanges invest in a dedicated Solana-oriented fund, exciting things are bound to happen. This strategic investment fund will help bootstrap development on this blockchain network. OKEx and MXC contributed $40 million to this fund, allowing for the funding of developers and projects exploring this ecosystem.

The investment by OKEx is made through Block Dream Fund, whereas MXC contributes without using intermediaries. Both exchanges receive equity in tokens for providing the cash to bootstrap current and future projects. Solana’s use of proof-of-stake – rather than proof-of-work – will help set it apart from other blockchains on the market today. 

USDT Arrives On Solana

One way of attracting a lot of attention is by having the most popular stablecoin issued on a network. Ever since USDT expanded to Ethereum, TRON, and other blockchains, the stablecoin saw its market cap increase exponentially. Tether is not stopping there, as they also brought USDT to Solana a few weeks ago. 

Making Solana the seventh blockchain for USDT is a crucial turning point. It confirms this ecosystem’s viability for stablecoin transactions and will offer intense competition to the other supported networks. Ethereum’s high transaction fees and congestion remain problematic, even on a good day. Solana has none of those issues at this time, yet it remains up to exchanges and other service providers to support this new blockchain. 

Civic Migration Imminent?

One of the projects looking to explore the Solana blockchain is Civic. Some people may recall that name, as it is one of the many ICOs to show up in 2017. Despite building on Ethereum, the current fees and congestion create issues for users and all projects developed on this ecosystem. To counter that problem, migrating to a different blockchain seems to be the best option.

Through a technology integration between Civic and Solana, the team aims to achieve much higher performance and throughput while benefiting from lower fees. Throughput and performance are essential for this digital identity solution. It is unclear if Civic will remain accessible on Ethereum or leave that ecosystem entirely. 

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