The Solana ecosystem continues to flourish with groundbreaking innovations, exponential growth, and an ever-expanding community of builders and users. The April 2024 Ecosystem Call, hosted by Cash Donda of SuperTeam, brought together key players in the Solana space to discuss recent achievements, upcoming developments, and exciting new opportunities within the ecosystem.

Wins of the Month: Solana's Explosive Growth

The call kicked off with an impressive list of ecosystem wins, highlighting Solana's remarkable progress over the past month. These achievements underscore Solana's position as a leading blockchain platform for developers and users alike.

Stablecoin Transfers Skyrocket

One of the most notable developments was the massive increase in stablecoin transfers on Solana. Over the past six months, these transfers have grown an astounding 20 times, reaching a volume of $850 billion in March alone. This exponential growth demonstrates Solana's efficacy as a payment network and its increasing adoption for financial transactions.

Record-Breaking Network Fees

March 2024 saw Solana surpass its entire 2023 fee collection in a single month. This surge in network usage and fee generation indicates a thriving ecosystem with high demand for Solana's fast and low-cost transactions. While some congestion has resulted from this increased activity, it's a positive sign of Solana's growing popularity and utility.

Public Goods Funding Milestone

The Cubic public goods funding round hit an impressive $100,000 in community contributions, with $55,000 in matching fees and nearly 9,000 individual contributions. This achievement highlights the Solana community's commitment to supporting projects that benefit the entire ecosystem.

DRiP's Meteoric Rise

DRiP, a collectibles platform on Solana, reached a remarkable milestone of 10 million weekly mints. With over 100,000 daily active users, DRiP has become the largest non-finance app on Solana, showcasing the blockchain's potential for mainstream adoption beyond traditional financial applications.

DePIN Projects Gaining Traction

Decentralized Physical Infrastructure Networks (DePIN) projects on Solana are experiencing significant user growth. Notable examples include IO.net with 340,000 total GPUs on their network, Grass with 1.7 million active users, and Uprock boasting 500,000 device IP addresses across 190 countries. These projects demonstrate Solana's capability to support large-scale, real-world applications.

Jupiter's Astonishing Swap Volume

Jupiter, a popular decentralized exchange aggregator on Solana, has surpassed $140 billion in all-time swap volume. This incredible figure, achieved in just a matter of months, underscores the platform's efficiency and the high demand for decentralized trading on Solana.

Enterprise Adoption Through CrossMint

CrossMint, a platform enabling businesses to integrate NFT and Web3 technologies, has reached 35,000 clients. This impressive roster includes major brands like MasterCard, Etihad Airways, AC Milan, and Red Bull, signaling growing enterprise interest in Solana's NFT capabilities.

The State of Solana: Network Metrics and Ecosystem Growth

The Solana network continues to demonstrate robust growth across various metrics:

• Total Value Locked (TVL) increased by 81% month-on-month, reaching $4.8 billion
• Active wallets grew by 71%
• True Transactions Per Second (TPS) stands at 914, surpassing many competing networks
• Staking accounts increased by 23% to 1.1 million

These figures paint a picture of a thriving ecosystem with increasing user engagement and network security.

Backpack: Pioneering Multi-Chain Accessibility

Tristan Yver, co-founder of Backpack, shared insights on the platform's recent developments and future plans. Backpack has launched a new exchange that has seen tremendous success, processing over $1.5 billion in daily volume and $33-34 billion in total volume over the past 45-60 days.

Preseason and Token Distribution

Backpack recently concluded its preseason event, which ran from February 13th to March 18th. During this period, the platform recorded $27.5 billion in trading volume. As a reward, 27 million Wormhole tokens are being distributed to participants, representing approximately $30 million in value at current prices.

Expanding Ecosystem Partnerships

Backpack is actively partnering with various projects to expand its reach and offer new opportunities to users. The platform is set to collaborate with Tensor, a leading NFT marketplace, for its next token distribution event. This partnership highlights Backpack's commitment to fostering a diverse and interconnected Solana ecosystem.

Wallet Innovations

The Backpack wallet continues to evolve, with recent improvements including a side panel feature that streamlines the user experience. The team is working on further enhancements, such as auto-approval for specific dApps and real-time token balance updates. Backpack aims to become the top-tier wallet solution for the Solana ecosystem and a gateway for users from other blockchain networks.

Parcl: Revolutionizing Real Estate Exposure

Kellan from Parcl introduced the platform's innovative approach to synthetic real estate assets on Solana. Parcl allows users to gain exposure to real-world real estate prices through a decentralized protocol.

Synthetic Real Estate Markets

Parcl currently offers 13 markets in North America, with plans to expand globally. The platform's unique positioning in the real-world asset conversation provides synthetic exposure to real estate prices through a decentralized exchange.

Use Cases Beyond Speculation

While speculation has driven initial activity, Parcl envisions broader applications for its synthetic real estate markets. These include hedging, risk mitigation for large institutions, exposure for renters, and potential replacements for traditional mortgage insurance products.

Token Launch and Community Engagement

Parcl is preparing for an initial distribution of its network token in the coming weeks. The token will serve three primary functions:

1. Governance: Enabling community involvement in protocol decisions
2. Data access: Providing token holders with access to high-quality real estate data through the Parcl Labs API
3. Network incentives: Offering ongoing rewards for ecosystem participation

Points Program and Perpetual Rewards

Parcl recently concluded its Season 3 points program and has announced the launch of perpetual points. Users are now earning rewards for their activity on the platform, with visibility of these points coming soon to the user interface.

Tensor: Decentralizing NFT Infrastructure

Richard from Tensor shared the platform's vision for decentralizing its NFT protocols and fostering a more open ecosystem. Tensor has become a leading NFT marketplace on Solana, processing significant trading volume and introducing innovative features like NFT perpetuals.

Decentralization Roadmap

Starting April 8th, Tensor will begin decentralizing its protocols by:

• Open-sourcing all contracts
• Releasing new SDKs
• Launching a comprehensive REST API

These initiatives aim to enable developers to integrate Tensor's protocols into their own applications with minimal effort.

Tensor Foundation and Governance

The newly established Tensor Foundation will oversee the decentralization process and future development of the protocols. Token holders will have the ability to govern protocol evolution and parameter updates.

Incentivizing Builders

To encourage adoption and development on top of Tensor's protocols, the platform is introducing a revenue-sharing model. Developers who build applications using Tensor's infrastructure will receive 50% of the fees generated through their front-ends, with the remaining 50% going to the Tensor Foundation.

Grants Program

Tensor is launching a grants program to support developers building on its protocols. The program will be run through the Tensor Foundation and in collaboration with SuperTeam, providing funding and resources to promising projects in the NFT space.

HXRO: Advancing On-Chain Derivatives

Gunny from HXRO Network discussed the platform's progress in building infrastructure for derivatives trading and betting applications on Solana. HXRO aims to solve liquidity problems that often plague crypto derivative decentralized exchanges (DEXs) by aggregating liquidity at the protocol layer.

Ecosystem Growth

HXRO has seen rapid adoption, with multiple trading and betting applications either live or in the process of integrating with the network. Notable partnerships include:

• Two live derivative trading platforms (Pepperdex and Guac Dex)
• Eight additional platforms currently integrating
• Collaborations with projects like Bonk, Flomatics Convergence, and DJ&A Academy

Zero-Day Futures

HXRO introduced an innovative product called Zero-Day Futures, designed to enable leverage trading on less liquid assets, including meme coins. Key features of Zero-Day Futures include:

• USDC settlement
• Daily expiration
• No funding payments required
• Up to 100x leverage

This product opens up new opportunities for trading a wider range of assets on Solana, including popular meme coins like Bonk and newly launched tokens like Wormhole.

HXRO Token Utility

The HXRO token plays a central role in the network's ecosystem:

• 50% of transaction fees are distributed to staked token holders
• Staking provides access to airdrops from ecosystem partners
• Token holders receive network fee discounts and participate in incentive programs

To celebrate the Solana ecosystem, HXRO announced a giveaway of 50,000 HXRO tokens to community members during the call.

Community Initiatives and Upcoming Events

The Solana ecosystem continues to thrive through various community-driven initiatives and events:

Renaissance Hackathon

The Solana Global Hackathon, Renaissance, is currently underway with over $500,000 in prizes. Developers can submit projects until April 8th, with additional side tracks offering $175,000 in prizes through SuperTeam Earn.

Cash Landing Events

Cash Landing events are being held worldwide to onboard new users to the Solana ecosystem. These events focus on educating participants about earning opportunities in crypto, including DePIN projects, bounties, grants, and jobs.

Solana Crossroads

The largest Solana community congress to date, Solana Crossroads, is set to take place in Istanbul on May 10-11. The event will feature 3,000 attendees and 50 speakers, providing a unique opportunity for networking and knowledge sharing within the Solana community.

Island DAO

Island DAO, a retreat for European builders in the Solana ecosystem, is scheduled for May 17th to June 14th. The event will offer co-working spaces, workshops, and networking opportunities for developers and entrepreneurs.

Solana APAC Summit

The first-ever Solana Summit for the Asia-Pacific region will be held in Kuala Lumpur, Malaysia, in June. This free event will bring together developers, regulators, and legal experts to discuss the future of crypto in Asia.

Shoutout Solana: A Musical Celebration

The ecosystem call concluded with the premiere of "Shoutout Solana," a music video celebrating the Solana ecosystem. Created by Dr. Preball and Little Unusual, the song highlights the community's achievements and the excitement surrounding Solana's growth.

As Solana continues to push the boundaries of blockchain technology and foster a vibrant ecosystem of developers, users, and innovative projects, the future looks incredibly bright for this high-performance blockchain platform. With record-breaking growth, groundbreaking products, and a passionate community, Solana is well-positioned to lead the charge in mainstream blockchain adoption and real-world use cases.

Facts + Figures

• Stablecoin transfers on Solana have grown 20x in the last 6 months, reaching $850 billion in volume for March alone
• Solana recorded more fees in March 2024 than in the entire year of 2023
• The Cubic public goods funding round hit $100,000 in community contributions, with $55,000 in matching fees and nearly 9,000 individual contributions
• DRiP is now doing 10 million mints every week and has over 100,000 daily active users
• Jupiter has surpassed $140 billion in all-time swap volume on Solana
• CrossMint has reached 35,000 clients on their platform, including major brands like MasterCard, Etihad Airways, and Red Bull
• Solana's Total Value Locked (TVL) increased by 81% month-on-month, reaching $4.8 billion
• Active wallets on Solana grew by 71%
• Solana's True Transactions Per Second (TPS) stands at 914
• The number of staking accounts on Solana increased by 23% to 1.1 million
• Backpack's exchange processed over $1.5 billion in daily volume and $33-34 billion in total volume over the past 45-60 days
• Parcl offers 13 synthetic real estate markets in North America
• Tensor is decentralizing its NFT protocols starting April 8th
• HXRO Network introduced Zero-Day Futures, allowing leverage trading on less liquid assets with up to 100x leverage
• The Solana Global Hackathon, Renaissance, offers over $500,000 in prizes, with an additional $175,000 in side track prizes
• Solana Crossroads in Istanbul will feature 3,000 attendees and 50 speakers
• The first-ever Solana Summit for the Asia-Pacific region will be held in Kuala Lumpur, Malaysia, in June

Questions Answered

What are the recent growth metrics for Solana?

Solana has experienced significant growth across various metrics. Stablecoin transfers have increased 20x in the last 6 months, reaching $850 billion in volume for March alone. The network's Total Value Locked (TVL) grew by 81% month-on-month to $4.8 billion, while active wallets increased by 71%. Additionally, Solana now processes 914 true transactions per second and has 1.1 million staking accounts, representing a 23% increase.

How is Backpack contributing to the Solana ecosystem?

Backpack is making significant contributions to the Solana ecosystem through its multi-chain wallet and newly launched exchange. The exchange has processed over $1.5 billion in daily volume and $33-34 billion in total volume over the past 45-60 days. Backpack is also fostering partnerships with other Solana projects, such as Tensor, to expand its reach and offer new opportunities to users. The platform recently concluded its preseason event, distributing 27 million Wormhole tokens to participants as rewards.

What innovations is Parcl bringing to the real estate market on Solana?

Parcl is revolutionizing real estate exposure on Solana by offering synthetic assets that track real-world real estate prices. The platform currently provides 13 markets in North America, allowing users to gain exposure to real estate price movements without owning physical properties. Parcl envisions broader applications beyond speculation, including hedging, risk mitigation for large institutions, and potential replacements for traditional mortgage insurance products. The platform is also preparing to launch its network token, which will enable governance, provide access to high-quality real estate data, and offer ongoing rewards for ecosystem participation.

How is Tensor decentralizing its NFT infrastructure?

Tensor is embarking on a decentralization journey for its NFT protocols starting April 8th. This process involves open-sourcing all contracts, releasing new SDKs, and launching a comprehensive REST API. The newly established Tensor Foundation will oversee the decentralization process and future development of the protocols. To incentivize builders, Tensor is introducing a revenue-sharing model where developers receive 50% of the fees generated through their front-ends. Additionally, Tensor is launching a grants program to support developers building on its protocols, further fostering innovation in the NFT space on Solana.

What new products has HXRO introduced for derivatives trading on Solana?

HXRO Network has introduced Zero-Day Futures, an innovative product designed to enable leverage trading on less liquid assets, including meme coins. These futures are USDC-settled with daily expiration and require no funding payments. Traders can access up to 100x leverage on various assets, including popular meme coins like Bonk and newly launched tokens like Wormhole. This product expands the range of tradable assets on Solana and addresses liquidity issues often faced by crypto derivative decentralized exchanges. HXRO is also fostering partnerships with multiple trading and betting applications to grow its ecosystem and aggregate liquidity at the protocol layer.

What community initiatives and events are upcoming in the Solana ecosystem?

The Solana ecosystem has several exciting community initiatives and events on the horizon. The Renaissance Global Hackathon is currently underway, offering over $500,000 in prizes. Cash Landing events are being held worldwide to onboard new users to the ecosystem. Solana Crossroads, the largest community congress to date, is set to take place in Istanbul on May 10-11, featuring 3,000 attendees and 50 speakers. Island DAO, a retreat for European builders, is scheduled for May 17th to June 14th. Additionally, the first-ever Solana Summit for the Asia-Pacific region will be held in Kuala Lumpur, Malaysia, in June, bringing together developers, regulators, and legal experts to discuss the future of crypto in Asia.

How is Solana addressing the growing demand for DePIN (Decentralized Physical Infrastructure Network) projects?

Solana is emerging as a leading blockchain for DePIN projects, with several initiatives gaining significant traction. Notable examples include IO.net with 340,000 total GPUs on their network, Grass with 1.7 million active users, and Uprock boasting 500,000 device IP addresses across 190 countries. These projects demonstrate Solana's capability to support large-scale, real-world applications that bridge the gap between blockchain technology and physical infrastructure. The growth of DePIN projects on Solana is attracting users who can earn cryptocurrency by contributing resources like computing power, bandwidth, or data, further expanding the ecosystem's reach and utility.

What improvements have been made to the Backpack wallet?

The Backpack wallet has undergone several improvements to enhance user experience. A notable addition is the side panel feature, which streamlines interactions with decentralized applications (dApps). The team is working on further enhancements, such as auto-approval for specific dApps and real-time token balance updates. These improvements aim to make Backpack the top-tier wallet solution for the Solana ecosystem and a gateway for users from other blockchain networks. The wallet's development focuses on creating a seamless and efficient interface for users to interact with various Solana-based applications and services.

How is the Solana ecosystem supporting public goods funding?

The Solana ecosystem has shown strong support for public goods funding, as demonstrated by the success of the Cubic public goods funding round. This initiative reached $100,000 in community contributions, with $55,000 in matching fees and nearly 9,000 individual contributions. This achievement highlights the Solana community's commitment to supporting projects that benefit the entire ecosystem. Such funding mechanisms encourage the development of open-source tools, infrastructure improvements, and other initiatives that contribute to the overall growth and sustainability of the Solana network.

What role does the HXRO token play in the HXRO Network ecosystem?

The HXRO token plays a central role in the HXRO Network ecosystem, offering multiple benefits to holders and stakers. Fifty percent of all transaction fees generated on the network are distributed to staked token holders, providing a form of passive income. Token holders also receive access to airdrops from ecosystem partners, enhancing the potential value of holding HXRO. Additionally, staking HXRO tokens provides users with network fee discounts and allows participation in various incentive programs. This tokenomics model aims to align the interests of token holders with the growth and success of the HXRO Network ecosystem.