- Solana powers the DeFi ecosystem.
- Coinbase announced cbBTC expansion for Solana.
- Marinade V2 introduces staking innovations.
Solana Blockchain continues to solidify its position as a hub for decentralized finance (DeFi). The network recently unveiled several key partnerships and developments at its 2024 Breakpoint Conference in Singapore.
Coinbase introduced Wrapped Bitcoin (cbBTC) to the Solana network, increasing Bitcoin liquidity on Solana. Meanwhile, Marinade Finance has unveiled its highly anticipated Marinade V2 staking upgrade. These are just a few of Solana’s recent partnerships.
Solana Marinade for Staking V2
There were several major developments at the Solana Breakpoint conference. On Saturday, September 21, at the Solana Breakpoint Conference in Singapore, Marinade Finance unveiled its V2 staking upgrade. The goal is to make staking easier and safer.
The upgrade will allow users to stake SOL tokens without transferring them to a smart contract. Instead, users retain full control of the assets in their wallets while delegating staking authority to validators. This eliminates the smart contract risks that many users were concerned about.
Users will also receive Protected Stake Rewards (PSR), which ensures they receive all expected staking rewards regardless of validator performance. The way it works is that validators have to post collateral. If not done, the validator must compensate the user with this collateral.
Coinbase expands Wrapped Bitcoin to Solana
Other developments from the Breakpoint conference suggest that Solana is working to expand liquidity across its ecosystem. First, Coinbase announced that cbBTC, a wrapped Bitcoin asset, will now be integrated into the Solana blockchain.
Wrapped Bitcoin assets like cbBTC are key to cross-chain liquidity. In particular, it allows Bitcoin transactions on other blockchains while maintaining a 1:1 ratio with reserve Bitcoins.
This is the latest partnership strengthening Solana’s presence in DeFi. Notably, at the same conference, Franklin Templeton announced the launch of a mutual fund for Solana. Meanwhile, Citibank announced that it is considering using Solana in its products.
On the flip side
- Despite the rapid increase in user activity, Solana’s network experienced several outages and periods of congestion.
- Solana still lags behind Ethereum in terms of Total Value Locked (TVL) in DeFi.
Why This Matters
Coinbase’s latest integrations, including cbBTC and Marinade V2, demonstrate Solana’s growing role in the DeFi landscape.
Learn more about Solana’s latest partnerships:
Solana, Franklin Templeton Break User Record by Joining MakerDAO
Learn more about Coinbase’s expansion of Solana:
Coinbase Eyes cbBTC and Solana Blockchain Integration