- Solana’s daily active users surpass 5 million.
- Franklin Templeton Launches Fund for Solana
- Sky (MakerDAO) expands to Solana.
Solana has had an impressive year this year both in terms of token and ecosystem. SOL is up 625% year-over-year following significant expansion of the DeFi ecosystem.
Recently, the Solana Foundation has announced several major developments, including partnerships with major banking institutions and one of the largest DeFi protocols, while the number of users is hitting a record high.
Solana Achieves Record Number of Users
Last week was filled with major developments for Solana. On Friday, September 20th, during the BreakPoint conference in Singapore, Solana reached a notable milestone in user growth. In addition, several influential organizations announced expansions to the Solana Network.
Solana has been growing its ecosystem for several months now. 5 million breakthrough It has surpassed Ethereum in terms of daily activity, with daily active users.
Franklin Templeton Launches Solana Mutual Fund
At the same time, Solana received support from two major institutions at the Solana Breakpoint conference in Singapore: $1 trillion asset manager Franklin Templeton announced plans to launch an on-chain mutual fund using Solana’s blockchain.
Franklin Templeton executive Mike Reed cited Solana’s cost-effectiveness as a key factor in the decision. At the same time, Citibank also announced that it was considering using Solana for remittances.
MakerDAO Expands to Solana
Another major highlight from the Breakpoint conference was Rune Christensen’s announcement that Sky Protocol (formerly known as MakerDAO) will be deploying a decentralized stablecoin (USDS) and governance token (SKY) on Solana.
Sky will enable one-to-one conversions between USDS and Circle’s USDC stablecoin on Solana using the Wormhole interoperability protocol. Christensen, the founder of MakerDAO, highlighted the technical quality and resilience of the Solana codebase, especially after the FTX debacle.
On the other side
- Despite its rapid growth, the Solana network has struggled with stability. Issues have included multiple outages and congestion across the network.
- Ethereum continues to dominate DeFi in terms of total value locked. TVL is $48 billion It’s well over Solana’s $5 billion.
Why this matters
For Solana, recent major support and network metrics will open the door to even greater growth. Institutions and DeFi giants bring credibility, making Solana more likely to form partnerships in the future.
Learn more about memecoin’s role in Solana’s growth:
Solana Memecoin Exposure Emerges as a Major Risk to the Network
Learn more about SEC enforcement against cryptocurrency companies:
SEC Crypto Fines to Soar to $4.68 Billion in 2024, More Than All Other Years Combined