XYO, a decentralized physical infrastructure network (DePIN), made the connection from Ethereum to Solana, citing the layer 1 blockchain network’s “high throughput, low transaction costs, and scalability,” XYO said in a blog post on October 31.
“XYO tokens are now natively available on both Solana and Ethereum, enabling broader cross-chain access and flexibility,” according to the post.
DePIN’s native XYO token can now be traded against tokens including Solana (SOL) and USD Coin (USDC) on Solana’s native decentralized exchanges (DEXs) Jupiter and Raydium.
“The introduction of .” Levin, co-founder of Markus XYO, told Cointelegraph on November 1:
The launch on Solana is part of a broader goal to make XYO accessible across multiple blockchain networks, Levin added.
Source: XYO
XYO is a DePIN designed to verify locations and other real-world data for Web2 and Web3 projects.
According to the XYO website, XYO operates more than 8 million nodes in 150 countries.
DePIN is a blockchain protocol that aims to decentralize real-world infrastructure and systems, including communications networks, data warehouses, energy markets, and more.
This will be the “next large-scale use case” for Web3, with the potential to bring “a significant number of new users to the crypto space,” according to a September 5 report from Web3 investment firm MV Global.
According to MV Global, the ecosystem currently consists of more than 1,000 projects with a total market capitalization of more than $50 billion.
source: MB Global
XYO said Solana’s low median fee per transaction ($0.00064) makes the Layer 1 network attractive to DePIN projects including Helium, io.net, and Render.
Johannes Fuchs, an analyst at MV Capital, told Cointelegraph that Solana’s strengths lie in its “parallel processing architecture and low fees.”
“We expect the upcoming Firedancer upgrades to further strengthen its appeal as a top choice for upcoming DePIN projects,” Fuchs said.
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