Coinworld website reports:
Source: DODOResearch
The cryptocurrency market this week has continued its downward trend, with overall market conditions remaining sluggish. Many people have begun to question the future prospects and potential of cryptocurrencies. To explore their future potential, the key question is whether widespread adoption can truly be achieved. Currently, the project that is making the most effort in this regard, supported by recent ETF news, is SOLANA.
In this edition of Cryptosnap Dr. DODO, we will take a look at the recent updates on the SOLANA public blockchain and its various applications for widespread adoption.
Solana ETF
When discussing recent developments related to Solana, it is important to mention the news of the first Solana ETF application filed by VanEck. Although the market generally believes that the news has more symbolic significance than actual impact, it has given a boost to the price of Solana. VanEck believes that the U.S. Securities and Exchange Commission (SEC) is mistaken in considering $SOL as an unregistered security, and instead believes that SOL is a commodity similar to Bitcoin and Ethereum. After the approval of Bitcoin and Ethereum ETFs, the application for a $SOL ETF is also considered reasonable.
However, most people in the market believe that this application is unlikely to be approved in the current regulatory environment. The SEC has previously stated that $SOL is a security. VanEck’s move is more of a prediction for the upcoming U.S. elections in the second half of the year, as the current SEC chairman Gary Gensler will step down. Cryptocurrency voters may play a crucial role in the elections, and the regulatory environment in Washington is moving towards supporting cryptocurrencies.
Source: https://www.sec.gov/Archives/edgar/data/2028541/000162828024030249/vanecksolanatrusts-1.htm
Actions and Blinks
Moving on from major news in the token market, another significant development in the Solana ecosystem is Solana Actions and Blinks. Actions and Blinks is a collaboration between the Solana Foundation and Dialect to introduce a new form of on-chain interactive functionality.
In simple terms, Actions is a standardized API for Solana blockchain transactions aimed at developers. Any project can adapt its own protocol based on the documentation. On the other hand, Blinks is an interactive front-end for users. Blinks can convert any Solana Action into a shareable link with rich metadata, allowing for on-chain interactive button options to be generated on platforms such as Twitter or Discord.
The launch of Actions and Blinks is a prime example of Solana’s efforts to move towards widespread adoption. It lowers the barrier of entry for blockchain usage, allowing retail investors to complete on-chain operations simply by clicking buttons on social media without the need for website redirects or wallet connections.
Source: https://x.com/eli5_defi/status/1805877572238295296
Tiplink
When discussing Solana’s path towards widespread adoption, it is impossible not to mention the wallet application TipLink. In my opinion, TipLink is the most user-friendly wallet among all wallets currently available, with the lowest barrier of entry. TipLink is also a project strongly supported and sponsored by the Solana Foundation. It received funding in 2023 from Multicoin, Solana Venture, Sequoia Capital, as well as two major stablecoin companies Paxos and Circle.
TipLink is a custodial wallet where users do not need to remember recovery phrases. They only need to register and log in using their Google account, making it similar to many Web2 applications in terms of user experience. No plugins or apps need to be installed, just open the website and connect with a Google account. In its early stages, TipLink was a tipping application that only supported payment functions. However, it has now become a mature wallet product that can rival Phantom. With the latest functionality update of TipLink Adaptor, it can interact with mainstream applications on the Solana blockchain just like any other wallet.
Source: https://tiplink.io/
Author’s Opinion
In my opinion, Solana is indeed the most beginner-friendly blockchain to use currently. It offers low transaction fees, easy-to-use wallets, and a simple and straightforward user interface. Users can easily navigate it based on intuition alone. Additionally, the clear development roadmap of the Solana Foundation can drive the adoption of various on-chain applications. The recent introduction of Blink is the best example. Almost all projects, regardless of size, retweeted the announcement by the Solana Foundation at the same time it was made. Wallets like Phantom/Solflare/Backpack immediately supported Blink interaction, and Defi Dapps like Jupiter/Tensor/Sanctum were quick to adopt Actions API, allowing users to start using them right away.
The clear development roadmap of the Solana Foundation, combined with the collaborative relationships with ecosystem projects, is what I believe to be SOLANA’s strongest moat. At the same time, I strongly agree with Solana’s direction towards widespread adoption. Rather than focusing on sophisticated financial products, advanced technology, or chasing hot topics such as artificial intelligence, the current priority in the blockchain community is to lower the entry barrier and get more people involved!
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