Solana Shows Sign of Recovery, Solana Foundation Launches Token Extension
After a significant decline, the value of the native token SOL, which represents the Solana blockchain, has recently increased by 5%. As part of its continuous efforts to improve the ecosystem, the Solana Foundation—has revealed additional token extensions.
By adding new features and functionalities to the Solana blockchain, these token extensions hope to improve the capabilities of smart contracts and decentralized applications (DApps) for consumers and developers. Solana Labs on it’s official X handle, says token extensions are a way to take advantage of the forces that augment Solana’s function and makes it attractive to developers.
The Solana Foundation says it is following the more significant industry trend of blockchain technology advancement by concentrating on extending its network’s capabilities through token extensions. Blockchain platforms are in a competitive industry with increasing user acceptance rates.
Paxos Leverage Solana Blockchain, As GMO Trust Introduces Japanese Yen
Apart from the initiative of the Solana Foundation, the announcement made by GMO Trust is another noteworthy step that has contributed to the positive perception of Solana. GMO Trust has introduced its own United States dollar stablecoin and the first government regulated Japanese yen stablecoin on the Solana network.
Paxos, an infrastructure and blockchain platform, expanded its stablecoin issuing facility in December. On the other hand, GMO Trust has introduced its first government-approved Japanese yen stablecoin and the United States dollar stablecoin on the same Solana network.
However, GMO-Z.com Trust Company Inc. and Paxos are leading the campaign to integrate token extensions in their operations. In the announcement made by the Solana Foundation, these firms are taking advantage of the benefits of the token extension to introduce stablecoins on the Solana blockchain.
Major Feature, Security of the Solana Network Explained
Analysis on the Crypto news platform shows that adding stablecoins linked to fiat currencies to the Solana blockchain can draw in more users and projects, considering its relevance in maintaining stability in the market. The confidential transfer function has been identified as one of the major features of the new Solana network.
It is believed to have complete anonymous transaction proof that is fully encrypted while publicly publishing the source, the type of token, and the destination of the transaction. The feature also encourages compliance with the rules while maintaining complete privacy.
Solana Foundation Head of Payments Comments Reveals Aligned Companies
According to Solana Foundation Head of Payments, Shere Sheraz, in his recent statement, hinted at the need for prospective web3 companies to heed the appeal of the Solana network. Shere added that Google, Visa, Worldpay, Shopify, and Stripe have all experienced the advantage in the Solana network – these companies have all introduced applications that work only on this network.
Shere also said that the token extension company is creating an opportunity for other companies to leverage the blockchain by introducing relevant industry features. The token extension is created with Real-world Assets (RWA) and stablecoin companies in mind.
However, SOL tokens have had a 28% drop in the last 30 days, dragging the price down to $79. In the previous 24 hours, the token has also seen a significant recovery in price, considering its recent 5% price increase; thus, the current price increase is $87. Meanwhile, the coin’s market capitalization grew by 0.97% to reach $37,589,171,271 in the last 24 hours.
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