The Solana chain took a big hit after the FTX collapse. Its SOL token even dropped below $10 for a short while. However, since early 2023, SOL has been on the rise again and hovers currently around $21.
During August 2023, a lot of positive news hit the Solana stands. So, let’s take a look at these new Solana developments.
In the last few days another year happened on Solana.
But if you were too busy to notice, these 12 industry-shifting innovations may have gone under your radar:
— KEMOSABE (@KEMOS4BE) August 23, 2023
1) Integration with Shopify
The biggest news for Solana must have been the integration into Shopify. General credit card fees on Shopify range between 1.5% and 3.5%. However, with Solana Pay, this drops to a fraction of a penny. Shopify accounts for 10% of all e-commerce in the US. Solana Pay offers no transaction fees until the end of 2023.
1/
Shopify
Solana Pay
Today, Solana Pay integrates with @Shopify, empowering the millions of entrepreneurs and merchants on Shopify to accept fast, web3 native payments with no transaction fees through the end of 2023. https://t.co/q63KeBllXB
Learn more
pic.twitter.com/QEb1LzqS51
— Solana (@solana) August 23, 2023
2) Only-Possible-On-Solana Campaign
The Only-Possible-On-Solana campaign highlights what sets Solana apart. For instance,
- Drip Haus team dropped 25 million NFTs for only $3,000.
- Hivemapper mapping the world with thousands of dashcams from users.
All this is possible because Solana offers, for example:
- Lightning-fast consensus.
- Parallel transactions.
- Scalable tech.
- Compressed NFTs.
Innovation. Scalability. Community.
Discover what sets Solana apart.
Built on the foundation you created.#OnlyPossibleOnSolanahttps://t.co/BvZ3eLG9MI pic.twitter.com/ajfoIW43PP— Solana (@solana) August 21, 2023
3) Solana’s GPT-4 Plugin Added to the ChatGPT Plugin Store
This plugin can do many things that can make your Solana journey convenient and easy. It can, for example:
- Track your wallet balance – It shows all your account data.
- Understand transactions – Provide detailed information about all your transactions.
- Or explore NFTs – It can list all your NFTs with their metadata.
4) Maple returned to Solana
Maple Finance is a treasury management solution. It provides yield backed by US Treasury Bills. For example, they have a Cash Management Solution. So, it’s designed for DAOs and Web3 Treasuries operating on Solana. It provides conservative yields on idle capital. The launch should take place in early September.
Key Features of Cash Management on Solana:
Accepts USDC-spl
Targets a net APY of the 1M US Tbill rate less fees
Interest accrues immediately
Daily liquidity
Fees of 0.5% annualized, no fees to deposit or withdraw pic.twitter.com/cQhtmulJ5n
— Maple (@maplefinance) August 23, 2023
5) Elusive Offers Private Token Swaps
With Elusiv, we can welcome private DeFi on Solana. This offers an alternative to the transparency of DEXes. As a result, token swaps leak critical user data. However, Elusiv’s private swaps, decouple the public keys from on-chain activity. It hides your portfolio. So, you prevent plenty of counterparty risk.
Source: Phantom Wallet
6) DRIP Raises $3 Million
Drip.haus offers daily new NFTs from a variety of creators and artists. Each week they manage to add new creators to their list. Now, the platform has raised $3 million in a seed round. Placeholder led this seed round. They managed to raise funds from VCs and Angel investors.
Today, we're announcing that we've raised a $3 million seed round to accelerate the growth of collectible content & Web3 social platforms.
Our seed was led by @cburniske and @placeholdervc, and co-lead by @6thManVentures, @anagramxyz, and @collab_currency.
Participating
— DRiP
(@drip_haus) August 18, 2023
7) Brave Introduced Solana NFT Token Gating
Brave Talk added this to their video calls. As long as you use any SOL wallet, this gives you the opportunity to, for example:
- Use an NFT as your avatar
- Token-gate access to calls by NFT collection.
- Automatically assign moderator roles based on NFTs held.
8) Sign In With Solana (SIWS) by Phantom
Another big feature is the Sign In With Solana (SIWS) by Phantom. This is your one-click sign-in method. No more clunky ‘connect’ and ‘sign’ messages. It’s a fast, easy, secure, and decentralized authenticating feature. The feature is already live, and it’s a breeze to use it.
9) Phoenix Exchange Launched
Phoenix calls itself ‘a fully on-chain, limit order book exchange’. This DEX offers, for instance:
- Instant settlement.
- Is maximally composable
- Cleanly exposed data
- Atomic settlement
10) Staking with Marinate Native
Marinade Finance launched its Native feature in July 2023. You can stake SOL on autopilot. Native allows you to delegate to 130+ top-performing validators in one click. As a bonus, there’s no smart contract exposure. Marinade also offers liquid staking.
A huge +1 million SOL stake to Marinade Native just landed!
The Native product is only a month old and really starting to pick up.
Put your $SOL stake on autopilot by delegating to 100+ top-performing validators in one click with no smart-contract exposure. pic.twitter.com/GD3O6ZnmQ1
— Marinade (@MarinadeFinance) August 22, 2023
11) EUROe, Solana’s First Euro Stablecoin
Membrane Finance launched the first native Euro stablecoin on Solana. The EUROe is in compliance with MiCA, the European Markets in Crypto Assets. To clarify, MiCA should start in 2024. You can create and redeem EUROe 1:1 with the Euro, without fees.
Membrane Finance brings the first euro stablecoin to Solana – along with card payments!
Today @solana goes multi-currency as fully-backed & compliant euros land on the high performance & low fee blockchain.https://t.co/k8u8X4Mxtb
— EUROe (@EUROemoney) August 23, 2023
12) The First-Ever African Solana-Based Art Exhibition
The first-ever African Solana-based art exhibition started 26th of August. The venue is the Mambaah Cafe/Creative Hub, Maitama, Abuja in Nigeria. It features 17 artists. The ChaosDAO collective is behind the exhibition.
Are you ready!?
Time: 12pm prompt (WAT)
Date: 26th August, 2023
Venue: Mambaah Cafe/Creative Hub, Maitama, Abuja pic.twitter.com/ZQDFEdinHX
— ChaosDAO (@thechaosdao) August 21, 2023
Conclusion
After the FTX collapse, Solana went through some rough times. The SOL token even dipped below $10. However, the resilient chain is bouncing back. August 2023 saw a busy month with plenty of new developments. So, the future looks a lot brighter again for Solana.
The current SOL price is $20.30. It has a market cap of $8.2 billion. The SOL supply is unlimited. However, the total supply is almost 556 million SOL tokens. Out of these, 408 million circulate.
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