Liquid Stake with compassSOL for an 7.50% APY from staking, MEV + fees

Enjoy the freedom of liquid staking in Solana Defi while delegating your stake to the high performance Solana Compass validator. Stake or unstake at any time here, or with a Jupiter swap.

Benefit from our high staking returns and over 2 years experience operating a Solana validator, and receive additional yield from priority fees + MEV tips

Earn 6.5% APY staking with Solana Compass

Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 6.5% APY yield on your SOL, while supporting us to create new guides and tools. Learn more

Stake your SOL

  1. Click to connect your wallet
  2. Enter the amount you wish to stake
  3. Kick back and enjoy your returns
  4. Unstake from your wallet or our staking dashboard

Earn 6.5% APY staking with Solana Compass

Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 6.5% APY yield on your SOL, while supporting us to create new guides and tools.

Learn more

Solana Ecosystem Call ft. Anatoly Yakovenko (Aug 23)

By Superteam

Published on 2023-08-10

Dive into the latest Solana ecosystem developments, including Anatoly Yakovenko's technical wishlist, OPOS hackathon insights, and updates from leading projects like Cube Exchange and The Heist.

The notes below are AI generated and may not be 100% accurate. Watch the video to be sure!

Solana Ecosystem Call: August 2023 Update with Anatoly Yakovenko

The Solana ecosystem continues to thrive and innovate, even in the midst of a bear market. This month's ecosystem call, hosted by the energetic Kashdonda, brought together some of the brightest minds and most exciting projects in the Solana space. From technical discussions with Solana co-founder Anatoly Yakovenko to updates from cutting-edge projects like Cube Exchange and The Heist, the call provided a comprehensive overview of the current state and future direction of the Solana ecosystem.

The State of Solana: Building Through the Bear Market

Despite the broader crypto market downturn, the Solana ecosystem remains vibrant and active. Kashdonda emphasized that while the "tourists" may have left, the true builders are still hard at work, creating the foundation for the next wave of adoption and innovation.

"We are here in the bear market, folks. The tourists are gone. It is now really just the community of builders that really just create the vibes, create the energy, and create the attention in the Solana land," Kashdonda stated, setting the tone for the call.

This focus on building and creating real value, rather than speculating on token prices, is a hallmark of the Solana community. The ecosystem call itself is a testament to this ethos, bringing together projects and individuals who are actively contributing to Solana's growth and development.

Wins of the Month: Solana's Growing Ecosystem

The call began with a rundown of the most significant achievements and milestones within the Solana ecosystem over the past month. These "wins" highlight the diverse range of projects and initiatives that are flourishing on Solana:

  1. Metrica powered Web3 ticketing at Tomorrowland, one of the world's largest music festivals, demonstrating Solana's potential for real-world applications.

  2. Tensor, an NFT marketplace, crossed 5 million SOL in all-time volume, showcasing the strength of Solana's NFT ecosystem even in a bear market.

  3. MarginFi, a DeFi protocol, surpassed $20 million in global TVL, indicating growing interest in Solana-based financial applications.

  4. The introduction of Solang, a new Solidity compiler for Solana, opening the doors for Ethereum developers to easily transition to building on Solana.

  5. Layer3, a popular quest platform, launched on Solana, bringing its large user base to the ecosystem.

  6. Meteora introduced dynamic LST pools, advancing Solana's DeFi capabilities.

  7. Syndica launched Sig, a new validator client, enhancing Solana's network diversity and resilience.

  8. Drift Protocol introduced liquidity providers, expanding options for DeFi participants.

  9. Ellipsis Labs shipped Verified Builds, improving transparency and trust in the ecosystem.

  10. Code Wallet went live, offering a new mobile wallet solution for Solana users.

  11. Credix unveiled a fully-insured USDC pool, bridging traditional finance with DeFi on Solana.

  12. The success of PlayGG, a Solana gaming conference, highlighting the growing interest in blockchain gaming on the platform.

These achievements demonstrate the breadth and depth of development occurring within the Solana ecosystem, spanning areas such as DeFi, NFTs, gaming, infrastructure, and real-world applications.

Anatoly Yakovenko's Technical Wishlist

One of the highlights of the call was the appearance of Solana co-founder Anatoly Yakovenko, who shared his thoughts on the technical challenges and opportunities facing the ecosystem. Yakovenko outlined several areas where he believes community contributions could significantly enhance Solana's capabilities:

Improving Developer Tooling

Yakovenko emphasized the importance of enhancing the developer experience on Solana. He noted that while experienced developers can often overcome challenges, improving tooling is crucial for attracting and retaining new developers in the ecosystem.

"Whatever your passion is, if you're really interested in like, Rust frameworks or programming environments, there's a ton of work to be done there that doesn't require like, seven years of distributed systems experience and like a full time one year of effort just to get going," Yakovenko explained.

He encouraged the community to focus on documentation, tutorials, and integrations with popular development frameworks to make Solana more accessible to a wider range of developers.

Optimizing RPC Performance

Another area Yakovenko highlighted was the need for improvements in RPC (Remote Procedure Call) performance. He suggested that significant latency reductions could be achieved by optimizing the path to the next leader in the Solana network.

"I think there is a lot of latency that could be improved by always knowing where the next leader is and like actually optimizing that path," Yakovenko stated. He called for RPC providers to dig deeper into Solana's code and focus on optimizing write latencies, potentially bringing transaction confirmation times down to sub-one second levels consistently.

Dynamic Base Fees

Yakovenko also discussed the need for implementing dynamic base fees on Solana. While the current fixed base fee structure isn't causing issues at present, he noted that it could become problematic as the price of SOL fluctuates.

"We need to implement and run a couple different experiments. One would be like a EIP-1559 style base fee where it starts at basically one lamport and can dynamically go up if there's demand," he suggested. However, Yakovenko cautioned against simply copying Ethereum's approach, encouraging the community to explore multiple solutions tailored to Solana's unique architecture.

State Rent and Dynamic Pricing

Addressing the issue of state bloat, Yakovenko revealed that internal tests have shown Solana can handle clusters with 10 billion accounts while maintaining a steady-state RAM usage of under 32 gigabytes. The challenge now is to develop a mechanism for validators to increase state size and dynamically price state usage.

"How do we give control to validators to increase the state size and how do we dynamically price the state? That's kind of a problem that I think requires some research too," Yakovenko explained.

Separating Leaders and Block Producers

Lastly, Yakovenko discussed the potential for implementing MEV-Boost style separation of leaders and block producers on Solana. This approach could offer several benefits, including reduced latency for users and increased network bandwidth for processing transactions.

"If we can separate the leader from the block producer, we could do really fancy things like have multiple builders at the same time. So a user can send their transaction to the closest one. So that cuts your latency down by 50% if there's two, you know, by 75% if this four of them," he elaborated.

These technical challenges represent significant opportunities for the Solana community to contribute to the network's ongoing development and optimization. Yakovenko's openness in sharing these areas of focus demonstrates the collaborative nature of Solana's development and the potential for community-driven innovation.

OPOS Hackathon: Fostering Innovation on Solana

Another major highlight of the ecosystem call was the discussion of the upcoming OPOS (Only Possible on Solana) hackathon. Mert, one of the organizers, shared valuable insights and tips for participants looking to make the most of this community-driven event.

Building for Users, Not Just Technology

Mert emphasized that the most successful hackathon projects are those that focus on solving real user problems rather than simply showcasing technical prowess. He advised participants to spend time understanding their target market and user needs before diving into coding.

"Building and writing code is the least important part of a hackathon," Mert stated. "The most important part by far is talking to your users and your market, your target market and understanding their problems."

This user-centric approach aligns with Solana's broader goal of creating blockchain applications that offer tangible benefits and improved experiences for end-users.

The Importance of Marketing and Distribution

Another key point Mert stressed was the need for hackathon participants to consider marketing and distribution strategies for their projects. He noted that many developers in the Solana ecosystem tend to neglect these aspects, potentially limiting the impact of their innovations.

"Once you build something, if you believe in what you've built, you almost have like an obligation to make sure people hear about it so that they get value out of your effort," Mert explained. He encouraged participants to think about how they will communicate the value of their projects to potential users and investors.

Leveraging Solana's Unique Features

The OPOS hackathon is specifically designed to encourage projects that take full advantage of Solana's unique capabilities. Mert highlighted several areas where participants could focus their efforts:

  1. State Compression: A powerful feature that can be applied to any account on Solana, not just NFTs.
  2. Order Books: Solana's high-performance architecture makes it ideal for implementing efficient order book systems.
  3. xNFTs: Executable NFTs that can offer unique functionalities and experiences.

By focusing on these Solana-specific features, hackathon participants can create projects with a competitive edge that showcases the network's strengths.

The OPOS hackathon, with its $100,000 prize pool and focus on Solana's unique capabilities, represents a significant opportunity for developers to contribute to the ecosystem's growth and potentially launch the next wave of successful Solana projects.

Project Spotlights: Innovations in the Solana Ecosystem

The ecosystem call also featured updates from several prominent projects building on Solana, highlighting the diverse range of innovations occurring within the ecosystem.

Cube Exchange: Redefining Crypto Trading

Bartosch, the founder and CEO of Cube Exchange, shared insights into their ambitious project aimed at revolutionizing cryptocurrency trading. Cube is developing a hybrid crypto exchange built on top of Solana's validator client, offering several unique features:

  1. Non-custodial trading of native assets across multiple chains, including Bitcoin and Ethereum, without the need for wrapping or bridging.
  2. Ultra-fast trade execution, with speeds measured in microseconds, rivaling traditional finance venues like CME or NASDAQ.
  3. A free MPC wallet for users, managed by the same validator set running the app chain, ensuring security and ease of use.

Bartosch explained the motivation behind Cube: "We wanted to basically change the paradigm around centralized exchanges a bit. So it's not your standard DEX that you would see. And the primary reason behind this is I wanted to make sure that people can actually trade spot assets in a non-custodial decentralized way on the chains where the assets were issued."

This approach addresses several pain points in the current crypto trading landscape, offering users greater control over their assets while maintaining the speed and efficiency typically associated with centralized exchanges.

The Heist: Bringing Idle Gaming to Blockchain

Juice from The Heist provided an update on their innovative blockchain gaming project. The Heist is positioning itself as the leading idle gaming studio on Solana, targeting a specific niche within the broader blockchain gaming space.

"We knew that we wanted to build something in the gaming space, being avid gamers ourselves. And kind of just saw where the puck was going with this GameFi narrative, that being, you know, blockchain games that offer tokenized incentives to players, while enabling players as owners as opposed to players as consumers, where all the value gets passed to developers," Juice explained.

Key highlights from The Heist's update include:

  1. The success of their first game, Remdans, which was one of the first games available on Phantom Mobile.
  2. The launch of their latest game, The Heist, which has seen significant traction with around 1,500 daily active players and $6 million in token value reinvested back into the game.
  3. Plans for season two, which aims to take the game to a mass market audience, including the development of a mobile app and increased marketing efforts.

The Heist's focus on idle gaming addresses a specific need within the crypto community, catering to users who may not have the time for more intensive gaming experiences but still want to participate in blockchain-based economies.

Ultimate Wallet: Enhancing the Solana Mobile Experience

Omid, co-founder of Ultimate, shared updates on their mobile wallet and DApp browser for Solana. Ultimate is focused on providing a seamless and feature-rich experience for Solana users on mobile devices.

Key features and developments highlighted by Omid include:

  1. A native iOS and Android wallet with support for multiple seed phrases.
  2. An integrated trading experience powered by Jupiter, offering real-time charts and detailed position statistics.
  3. The recent launch of an in-app browser for iOS and Android, providing a snappy experience for interacting with Solana DApps.
  4. Development of a library called Chain Kids, which compiles and links Solana SDK to iOS and Android, enabling quick implementation of new Solana features in mobile apps.
  5. Upcoming features including an enhanced NFT experience and native support for Token 2022.

Ultimate's focus on mobile usability and integration of advanced features demonstrates the growing maturity of the Solana ecosystem and the push towards making blockchain technology more accessible to mainstream users.

Community Growth and Global Expansion

The ecosystem call also highlighted the continued global expansion of the Solana community, with new Super Teams launched in Nigeria, UAE, and Israel. These regional hubs play a crucial role in fostering local communities, organizing events, and driving adoption of Solana in diverse markets around the world.

This global growth is complemented by community-driven initiatives like the OPOS hackathon, which not only encourages innovation but also helps to identify and nurture new talent within the ecosystem.

Conclusion: Solana's Resilience and Future Potential

The August 2023 Solana Ecosystem Call painted a picture of a vibrant and innovative community that continues to push the boundaries of blockchain technology. Despite the challenges of a bear market, the Solana ecosystem is seeing continued development across various sectors, from DeFi and gaming to infrastructure and tooling.

Anatoly Yakovenko's technical wishlist provides a roadmap for future improvements that could significantly enhance Solana's performance and usability. The upcoming OPOS hackathon represents an opportunity to turn some of these ideas into reality while also fostering the next generation of Solana developers and projects.

Updates from projects like Cube Exchange, The Heist, and Ultimate Wallet demonstrate the diverse range of applications being built on Solana, each leveraging the network's unique strengths to create innovative solutions.

As the ecosystem continues to grow and evolve, the focus remains firmly on building and creating real value. This dedication to development and innovation, even in challenging market conditions, bodes well for Solana's long-term prospects and its potential to play a significant role in the future of blockchain technology and decentralized applications.

Facts + Figures

  • Metrica powered Web3 ticketing at Tomorrowland, one of the world's largest music festivals, using Solana NFTs
  • Tensor crossed 5 million SOL in all-time volume for NFT trading
  • MarginFi surpassed $20 million in global TVL
  • Solang, a new Solidity compiler for Solana, has been officially released
  • Layer3, a popular quest platform, is now live on Solana
  • Meteora is now supporting dynamic LST pools
  • Syndica launched Sig, a new validator client for Solana
  • Drift Protocol introduced liquidity providers
  • Ellipsis Labs shipped Verified Builds to improve transparency
  • Code Wallet is now live for Solana users
  • Credix unveiled a fully-insured USDC pool
  • PlayGG, a Solana gaming conference, was reported as a success
  • The OPOS hackathon offers $100,000 in prizes
  • Solana's Total Value Locked (TVL) has increased by 13% month over month
  • There are almost 600,000 wallets staking on Solana
  • The number of validators on Solana has increased by 3% month over month to 1,877
  • The Heist game reports around 1,500 daily active players
  • The Heist has seen about $6 million in token value reinvested back into the game
  • Cube Exchange aims to offer trading speeds measured in microseconds
  • Ultimate Wallet has launched an in-app browser for iOS and Android Solana users

Questions Answered

What is Solang and why is it significant for Solana?

Solang is a new Solidity compiler for Solana that has been officially released. It allows developers who are familiar with Solidity, the primary language for Ethereum smart contracts, to build programs on Solana. This is significant because it opens up Solana development to a large pool of existing Ethereum developers, potentially accelerating the growth of the Solana ecosystem and the number of applications built on the platform.

How is Solana addressing the challenge of dynamic base fees?

Anatoly Yakovenko, co-founder of Solana, discussed the need to implement dynamic base fees on Solana. While the current fixed base fee structure isn't causing issues at present, it could become problematic as the price of SOL fluctuates. Yakovenko suggested experimenting with an EIP-1559 style base fee that starts at one lamport and can dynamically increase with demand. However, he emphasized the importance of not simply copying Ethereum's approach, but rather exploring multiple solutions tailored to Solana's unique architecture.

What is the OPOS hackathon and what are its goals?

OPOS stands for "Only Possible on Solana" and is a community-organized hackathon with a $100,000 prize pool. The goal of the hackathon is to encourage developers to create projects that leverage Solana's unique features and capabilities. Participants are encouraged to focus on areas such as state compression, order books, and xNFTs. The hackathon aims to foster innovation within the Solana ecosystem and potentially launch the next wave of successful Solana projects.

How is Cube Exchange aiming to revolutionize crypto trading on Solana?

Cube Exchange is developing a hybrid crypto exchange built on top of Solana's validator client. It offers non-custodial trading of native assets across multiple chains, including Bitcoin and Ethereum, without the need for wrapping or bridging. The exchange aims to provide ultra-fast trade execution, with speeds measured in microseconds, rivaling traditional finance venues. Additionally, Cube offers users a free MPC wallet managed by the same validator set running the app chain, ensuring security and ease of use.

What are some of the technical improvements Anatoly Yakovenko wants to see in the Solana ecosystem?

Yakovenko outlined several areas for improvement: enhancing developer tooling to make Solana more accessible, optimizing RPC performance to reduce latency, implementing dynamic base fees, developing mechanisms for validators to increase state size and dynamically price state usage, and exploring the separation of leaders and block producers to improve network efficiency. He emphasized the importance of community contributions in these areas to drive Solana's continued evolution and optimization.

How is The Heist contributing to the growth of blockchain gaming on Solana?

The Heist is positioning itself as the leading idle gaming studio on Solana. They have launched two games, Remdans and The Heist, with the latter seeing significant traction of around 1,500 daily active players. The project has seen about $6 million in token value reinvested back into the game. The Heist is focusing on idle gaming to cater to crypto users who may not have time for more intensive gaming experiences but still want to participate in blockchain-based economies.

What new features has Ultimate Wallet introduced for Solana users?

Ultimate Wallet has launched several new features to enhance the Solana mobile experience. These include a native iOS and Android wallet with support for multiple seed phrases, an integrated trading experience powered by Jupiter with real-time charts, and an in-app browser for iOS and Android. They are also developing a library called Chain Kids to enable quick implementation of new Solana features in mobile apps, and are working on an enhanced NFT experience and native support for Token 2022.

How is Solana's ecosystem expanding globally?

The Solana ecosystem is expanding globally through the launch of new Super Teams in countries like Nigeria, UAE, and Israel. These regional hubs play a crucial role in fostering local communities, organizing events, and driving adoption of Solana in diverse markets around the world. This global expansion is complemented by community-driven initiatives like the OPOS hackathon, which helps to identify and nurture new talent within the ecosystem.

What is the current state of Solana's Total Value Locked (TVL) and staking?

According to the ecosystem call, Solana's Total Value Locked (TVL) has increased by 13% month over month. This growth is attributed to projects like MarginFi, Solblaze, and Cypher. Additionally, there are now almost 600,000 wallets staking on Solana, indicating a high level of participation in the network's security and decentralization.

How is Solana addressing the need for improved transparency in smart contract deployments?

Ellipsis Labs has shipped a feature called Verified Builds, which improves transparency and trust in the Solana ecosystem. This feature helps ensure that the code running on-chain matches the published source code, allowing users and developers to verify the integrity of smart contracts deployed on Solana. This development is particularly important in light of recent security issues in other blockchain ecosystems and demonstrates Solana's commitment to maintaining a secure and trustworthy platform.

Related Content

Solana Ecosystem Call - March 2024

Dive into the latest Solana ecosystem developments, including Kamino's token launch, Wormhole's airdrop, and IoNet's groundbreaking AI infrastructure on Solana.

Solana Ecosystem Call ft. Dialect, Hivemapper, DAA, and Google (June 23)

Discover the latest Solana ecosystem developments, including Google's Web3 startup program, 6.6 million new wallets, and exciting innovations from Dialect, DAA, and more.

Solana Ecosystem Community Call - December 2022

Dive into the latest Solana ecosystem updates, including new project launches, developer tools, and community initiatives driving growth and innovation in the blockchain space.

Solana Ecosystem Call: February 2024

Dive into the latest Solana developments with Dan Romero, Brian Johnson, and key project launches in this packed ecosystem call

Solana Ecosystem Call: April 2024 ft. Backpack, Tensor, Parcl and HXRO!

Explore Solana's latest developments in NFTs, DeFi, and community growth with updates from Backpack, Tensor, Parcl, and HXRO in this comprehensive ecosystem call.

Solana Ecosystem Call ft. Squads, Coinflow, Hello Moon, TipLink, Ottr, & Dean's List (Mar 23)

Dive into the latest Solana ecosystem updates, including Grizzlython hackathon progress, NFT market trends, and the rise of regenerative finance projects.

Solana Changelog May 31: Interfaces, Solang, and Solana ChatGPT

Explore the latest Solana developments including interfaces, Solang Compiler v0.3.0, and the new Solana ChatGPT plugin in this comprehensive changelog.

Superteam Public Community Call (Live from Delhi Hacker House)

Dive into the latest updates from Superteam DAO, including new earning opportunities on Solana, campus initiatives, and innovative Web3 projects.

Solana Ecosystem Call ft. Backpack, Tensor, SMS, Underdog, & Star Atlas (May 23)

Explore the latest Solana developments including the Saga phone launch, NFT marketplace advancements, and exciting opportunities for developers in this comprehensive ecosystem update.

Solana's Ultimate Vision | Anatoly Yakovenko

Solana co-founder Anatoly Yakovenko discusses Solana's unique design, scalability advantages, and vision for decentralized global markets in this in-depth podcast interview.

Solana Ecosystem Call ft. Raj Gokal & Balaji Srinivasan (July 23)

Solana ecosystem leaders discuss network state, real-world assets, and ecosystem growth. Featuring Raj Gokal, Balaji Srinivasan, and updates from Hive Mapper, Monkey Business, and Tensor.

Solana Changelog - April 9 - Flare and GetEpochStake

Discover the latest Solana developments including the Flare CLI for smart contract interaction, GetEpochStake proposal, and crucial performance enhancements for validators.

Solana Changelog - January 17, 2023 - SIMD 3, Compute Cost Updates, Golana

Dive into the latest Solana developments including the SIMD 3 proposal for dynamic base fees, compute cost updates, and the introduction of Golana for Go developers.

Solana Changelog July 6 - Cubik, SPL-token, and Solana-Tools

Explore the latest Solana developments including Cardinal Labs shutdown, Jupiter's Token 2022 adoption, Cubik's tooling round, and proposed SPL-token improvements.

Solana Changelog Jul 3 - RPC Deprecations, Actions, and Blinks

Explore Solana's latest developments including RPC method deprecations, new Actions and Blinks features, and upcoming changes to compute unit charging.