When the world was focusing on Ethereum killers, Solana crypto blockchain went on stage and stole the show. In 2017, the founders silently published the Solana whitepaper and it was only in 2020 that the project gained popularity.
Fast forward to today, Solana has emerged to be among the most preferred blockchains for building blockchain projects (Smart Contracts & DAPPS). Its native currency SOL is in the top 10 list of cryptocurrencies by market cap.
In this post, I will talk about the partnerships that have the potential to expand its ecosystem and boost the price of SOL tokens. Before I start, do check out my post on Solana crypto blockchain and make yourself familiar with the blockchain. Let’s begin –
List of Noteworthy Partnerships –
1. Scaling Audius with Solana Crypto Blockchain:
Audius is a community-owned blockchain project that supports emerging artists by connecting them directly to the end-user. It has already surpassed over 800K monthly active users and is busy shaping the future of the music industry with its native Audius coin.
In order to meet the growing demand, it has chosen the Solana blockchain. Solana provides L1 and L2 scaling solution to Audius. While the partnership is inked, it may interest you to know that Audius has reviewed over 20 scaling solutions before choosing Solana.
Solana can process 50,000 transactions per second at just $0.00001 per interaction (approx).
2. Solana Partnership with FTX:
All eyeballs turned to Solana after it partnered with FTX (the leading crypto exchange) to build Serum. Serum is a high-speed, non-custodial, decentralized exchange built on the Solana blockchain. It is backed by Solana Foundation and FTX (Alameda research).
Serum is designed around an on-chain central limit order book (CLOB) to address the problems faced by mainstream DeFi protocols i.e high gas fees, slow transactions and liquidity segmentation. There’s no scope of centralization when the user interacts with Serum DEX.
Apart from Serum, FTX and Solana were also investing in Web3.0 gaming but after FTX bankruptcy, things aren’t the same anymore.
FTX bankruptcy has badly affect $SOL & Serum DEX
3. Tether brings USDT to Solana Crypto Blockchain:
Stablecoins are necessary for every layer 1 blockchain and Solana is no different. Tether partnered with Solana to bring USDT on the Solana blockchain. As we speak, USDT is live on Solana.
USDT is the largest stablecoin by market cap and is used by several projects built on different blockchains.
Centre Consortium has also partnered with Solana to bring USDC stablecoin on the Solana blockchain
4. Solana Partnership with Chainlink:
Chainlink Crypto is the leading oracle that helps blockchains and DAPPS connect with the real world. Oracle brings real-time data like weather forecasts or stock prices from off-chain to on-chain. Hence it helps supply essential elements to execute smart contracts (like AAVE Crypto Protocol).
Solana exclusively partnered with Chainlink to help support its growing ecosystem with relevant data sources. Interestingly, Chainlink has the capability to update prices every 400 ms with Solana’s architecture.
5. Solana Integration with Brave Browser:
Brave Browser (BAT Coin) is the leading web 3.0 browser that surpassed 50 million monthly active users last year. Brave Browser will integrate the Solana blockchain as default support for web3.0 applications.
6. Krafton Partnership with Solana Labs:
Krafton Inc. the creator of the famous PUBG game partners with Solana Labs to support the marketing & development of blockchain-based games & services. Krafton has ventured into web3 & NFT space, announcing investments & collaborations with partners from different domains like Metaverse, blockchain, NFT art etc.
On the other hand, Solana is looking for gaming companies that can understand the blockchain gaming industry & respond quickly to the demands.
With low transaction fees and faster transaction speed, Solana will encourage the adoption of web3.0 applications among Brave users. Solana will also help with cross-chain interactions and its native DAPPS. It’s also one of the fastest blockchains to penetrate into the payment space. Tweet –
Is @solana changing the world? I think so. I just noticed you can buy World of Warcraft gold with Solana Pay + SPL tokens so there’s that pic.twitter.com/XIwITdKKb2
— knoxtrades | JuicyStake.io (@knox_trades) July 27, 2022
There’s a bundle of promising projects developing on the Solana blockchain like Solice Crypto Metaverse, DeFi LAND and Star Atlas. Each serves a different set of audiences. There’re over 300 projects running on Solana and these partnerships may help boost the demand for $SOL token.
This completes my review of Solana Partnerships. In the next post, I will talk about Avalanche Ecosystem. If you’re a fan of blockchain technology then please do share this post on your social handles and educate everyone around you. Do remember to subscribe to my YouTube channel for more informative content, released every week.
DISCLAIMER:
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their investment decisions and should only invest in cryptocurrency after proper research.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.
