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 6.4% APY staking with Solana Compass

Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 6.4% 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 6.4% APY staking with Solana Compass

Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 6.4% APY yield on your SOL, while supporting us to create new guides and tools.

Learn more

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

By Superteam

Published on 2023-07-08

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.

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

Solana Ecosystem Call: Google Partnership, New Wallets, and Innovations

The Solana ecosystem continues to thrive and expand, as evidenced by the latest Ecosystem Community Call. This monthly event brings together the best and brightest builders on Solana, providing a comprehensive update on the latest developments, projects, and opportunities within the ecosystem. In this article, we'll dive deep into the key highlights from the June 23rd call, including exciting announcements from Google, impressive growth statistics, and innovative projects pushing the boundaries of blockchain technology.

Explosive Growth: 6.6 Million New Wallets in May

One of the most striking statistics shared during the call was the addition of 6.65 million new wallets to the Solana network in May alone. This remarkable growth represents the highest number of new wallets since July 2022, signaling a resurgence of interest and activity in the Solana ecosystem. While it's important to note that not all of these wallets may represent individual users (some could be bots or multiple wallets owned by single entities), the sheer volume of new addresses indicates a significant uptick in network usage and adoption.

This growth is particularly encouraging given the challenges faced by the broader cryptocurrency market in recent months. It suggests that Solana is gaining traction as a preferred platform for both developers and users, likely due to its high performance, low transaction costs, and expanding ecosystem of applications and services.

Trading Activity on the Rise

Complementing the growth in new wallets, trading activity on Solana has also seen a substantial increase. According to data shared by Kamino Finance, trading volume on Solana-based platforms has surged by nearly 300% week-over-week. This spike in activity has propelled Solana back into fourth place in terms of overall trading activity across blockchain networks.

The resurgence in trading is a positive indicator of renewed interest from both retail and institutional investors. It suggests that despite market volatility, users are finding value in Solana-based assets and decentralized finance (DeFi) applications. This increased activity is likely to attract more liquidity providers and market makers to the ecosystem, further enhancing its depth and stability.

OpenBook's $500 Million Milestone

Adding to the positive momentum, OpenBook, a decentralized exchange built on Solana, has crossed the $500 million mark in total trading volume. This achievement is particularly noteworthy given OpenBook's origin story. The platform was developed in just one week as a community-driven effort to replace the discontinued Serum exchange.

The rapid development and subsequent success of OpenBook highlight the strength and agility of the Solana developer community. It demonstrates the ecosystem's ability to quickly respond to challenges and create robust, high-performance solutions that meet user needs. The $500 million volume milestone is a testament to the trust users have placed in the platform and the broader Solana DeFi ecosystem.

Metaplex Responds to Community Feedback

In a move that underscores the importance of community governance in the Web3 space, Metaplex, a key protocol in the Solana NFT ecosystem, has adjusted its fee structure in response to community concerns. This decision demonstrates the protocol's commitment to maintaining a balance between sustainability and user-friendliness.

The willingness of Metaplex to listen to and act on community feedback is a positive sign for the long-term health of the Solana ecosystem. It reflects a broader trend of decentralized governance and community-driven decision-making that is central to the ethos of blockchain technology. This responsiveness is likely to foster greater trust and engagement from users and developers alike.

Magic Eden Opens Up Its Marketplace Contract

In another community-centric move, Magic Eden, a leading NFT marketplace on Solana, has open-sourced its marketplace contract. This decision allows developers to build on top of Magic Eden's infrastructure, potentially leading to new innovations and integrations within the NFT space.

By open-sourcing their contract, Magic Eden is contributing to the broader ecosystem's growth and interoperability. This move aligns with the open and collaborative spirit of the blockchain community and could lead to the development of new tools and services that enhance the NFT experience for creators and collectors on Solana.

Breakpoint 2023: Tickets Now Available

Excitement is building for Breakpoint 2023, Solana's flagship conference. Tickets for the event are now live, with discounted options available for developers and students. The conference promises to be a hub of innovation, networking, and knowledge-sharing for the Solana community.

Breakpoint has historically been a launchpad for major announcements and collaborations within the Solana ecosystem. The availability of tickets signals that despite market fluctuations, the Solana community remains committed to long-term growth and development. The event is likely to showcase the latest advancements in Solana technology and provide insights into the future direction of the ecosystem.

Token-2022: A New Frontier for Solana Tokens

The arrival of Token-2022 marks a significant evolution in Solana's token standards. This update to the SPL (Solana Program Library) token standard introduces new functionalities, including the ability to add default fees and other advanced features. While the full implications of Token-2022 are still being explored, it represents an important step forward in the capabilities of Solana-based tokens.

The introduction of Token-2022 demonstrates Solana's commitment to continuous improvement and innovation. By expanding the possibilities for token creation and management, Solana is providing developers with more tools to create sophisticated and flexible financial instruments on the blockchain.

Solana Labs Launches ChatGPT Plugin

In a move that bridges the worlds of blockchain and artificial intelligence, Solana Labs has shipped a ChatGPT plugin. This integration opens up new possibilities for AI-assisted interactions with the Solana blockchain, potentially making it easier for users to access and understand blockchain data and functionalities.

The development of the ChatGPT plugin is part of a broader trend of AI integration in blockchain technologies. It highlights Solana's position at the forefront of technological convergence and its potential to make blockchain technology more accessible to a wider audience. The plugin could serve as a powerful tool for education, onboarding, and user support within the Solana ecosystem.

Light Protocol V3: Advancing Privacy on Solana

Privacy continues to be a critical concern in the blockchain space, and Light Protocol is addressing this need on Solana. The launch of Light Protocol V3 on testnet introduces the first ZK (Zero-Knowledge) layer enabling private program execution on Solana. This development could significantly enhance privacy options for Solana users and developers.

The introduction of privacy-preserving technologies like Light Protocol V3 is crucial for the adoption of blockchain technology in sensitive applications, such as financial services or healthcare. By enabling private program execution, Light Protocol is expanding the potential use cases for Solana and addressing a key concern for enterprise and institutional users.

Firedancer: A New Milestone in Solana Client Development

The Firedancer team has reached a new milestone with the development of fd_quic, marking another step forward in Solana's client diversity efforts. Firedancer, an alternative Solana client implementation led by Jump Crypto, aims to enhance the network's performance, reliability, and decentralization.

Client diversity is crucial for the long-term health and security of any blockchain network. By supporting multiple client implementations, Solana reduces the risk of network-wide issues caused by bugs or vulnerabilities in a single client. The progress of Firedancer demonstrates the ongoing efforts to strengthen Solana's infrastructure and improve its resilience.

ANS Domains: Enhancing User Experience

The integration of ANS (Addressing Name Service) domains into popular Solana wallets like Solflare and Phantom marks a significant improvement in user experience. ANS domains allow users to create custom namespaces, similar to domain names in the traditional internet, making it easier to send and receive transactions on Solana.

The adoption of user-friendly addressing systems like ANS is crucial for the mainstream adoption of blockchain technology. By simplifying complex wallet addresses into human-readable names, ANS domains reduce the barrier to entry for new users and minimize the risk of errors in transactions. This integration across major wallets demonstrates the Solana ecosystem's commitment to improving usability and accessibility.

Phantom Introduces Sign-in with Solana

Phantom, one of the leading wallet providers in the Solana ecosystem, has launched a new feature called "Sign-in with Solana." This functionality aims to streamline the process of connecting to decentralized applications (dApps) and enhance overall security for users.

The introduction of a standardized sign-in method for Solana applications could significantly improve the user experience across the ecosystem. By providing a familiar and secure authentication mechanism, Phantom is addressing one of the key challenges in blockchain adoption – the complexity of interacting with decentralized applications. This feature has the potential to make Solana more accessible to mainstream users who are accustomed to Web2-style login processes.

Ottr Finance Launches Bank Connect

Ottr Finance, a financial services platform built on Solana, has introduced Bank Connect, a feature that enables direct on and off-ramping between traditional bank accounts and cryptocurrency. This development represents a significant step forward in bridging the gap between traditional finance and the world of crypto.

Bank Connect has the potential to revolutionize how users interact with the Solana ecosystem. By providing a seamless way to move funds between bank accounts and Solana-based assets, Ottr is reducing friction in the onboarding process and making it easier for users to access the benefits of decentralized finance. This type of integration is crucial for increasing adoption and liquidity within the Solana ecosystem.

Drip Haus Continues to Innovate

Drip Haus, a pioneer in the NFT space on Solana, continues to push boundaries with its innovative approach to digital collectibles. The platform has now minted over 2.5 million compressed NFTs, showcasing the scalability and efficiency of Solana's NFT infrastructure.

The success of Drip Haus demonstrates the growing popularity of NFTs on Solana and the platform's ability to handle high-volume, low-cost transactions. By leveraging compressed NFTs, Drip Haus is able to offer a more accessible and environmentally friendly approach to digital collectibles. This aligns well with Solana's broader goals of sustainability and scalability in blockchain technology.

Vietnam Creator DAO Launches

The launch of the Vietnam Creator DAO (Decentralized Autonomous Organization) marks an important step in the global expansion of the Solana ecosystem. This initiative, supported by Super Team Vietnam and the local community, aims to foster creativity and innovation within the Vietnamese blockchain space.

The establishment of region-specific DAOs like the Vietnam Creator DAO is crucial for the organic growth of the Solana ecosystem. By empowering local creators and developers, these organizations help to diversify the Solana community and bring unique perspectives and use cases to the platform. This grassroots approach to ecosystem development is likely to lead to more innovative and culturally relevant applications on Solana.

CandyPay Powers Crypto Tax Payments in Honduras

In a groundbreaking development, CandyPay, a Solana-based payment solution, is now enabling cryptocurrency tax payments in Honduras through a partnership with Prospera Global. This integration represents a significant step forward in the real-world adoption of cryptocurrency for government services.

The ability to pay taxes using cryptocurrency, particularly through a Solana-based solution, demonstrates the growing acceptance and utility of blockchain technology in official capacities. This use case could serve as a model for other regions looking to integrate cryptocurrency into their financial systems, potentially leading to wider adoption and recognition of Solana as a platform for government-level financial applications.

Google's Web3 Startup Program

One of the most exciting announcements during the ecosystem call came from Google. Alex Albano from Google's Web3 community and partnerships team introduced the Google for Web3 Startups program. This initiative aims to support blockchain and Web3 startups by providing them with Google Cloud credits, technical support, and go-to-market assistance.

The program offers two tiers of support:

  1. For early-stage startups (incorporated within the last 5 years):

    • $2,000 in Google Cloud credits valid for two years
    • Google Workspace Business Plus free for 12 months
    • Access to events and technical support
  2. For more established startups that have raised funds:

    • Up to $200,000 in Google Cloud credits over two years
    • Additional benefits from partners like Alchemy and The Graph

This program represents a significant endorsement of the Web3 space by one of the world's largest technology companies. For Solana startups, it provides an opportunity to leverage Google's infrastructure and expertise to build and scale their projects more efficiently. The partnership between Google and Solana is a strong signal of the growing mainstream acceptance of blockchain technology.

Google's Web3 Gaming Week in Singapore

In addition to the startup program, Google announced a six-day Web3 gaming hackathon to be held in Singapore. This event aims to bring together developers, designers, and entrepreneurs to create innovative blockchain-based games. Key features of the hackathon include:

  • $50,000+ in prizes
  • Presence of major VCs and industry leaders
  • 15 game station expo for showcasing projects
  • Support for international participants, including assistance with visas

The focus on Web3 gaming highlights the growing intersection between blockchain technology and the gaming industry. For Solana, which has been gaining traction in the gaming space, this event presents an excellent opportunity for developers to showcase their projects and potentially attract investment and partnerships.

Dialect's Innovative Approach to Messaging and NFTs

Chris Osborn, CEO of Dialect, shared exciting updates about their messaging platform built on Solana. Dialect has been making waves with its innovative approach to chat and NFTs:

  • Over 1.2 million NFTs minted on mobile, all free for users
  • Introduction of NFT chat stickers, a new category of collectibles
  • Launch of a trading feature for NFT stickers within the app

Dialect's success in onboarding users, including those unfamiliar with cryptocurrency, demonstrates the potential for user-friendly applications to drive adoption of blockchain technology. The platform's focus on creating a fun, engaging experience around NFTs and messaging could serve as a model for other developers looking to create accessible Web3 applications.

Degenerate Ape Academy's New Direction

Nikki Skans, the new CEO of Degenerate Ape Academy (DAA), one of Solana's original NFT projects, shared insights into their evolving strategy:

  • Focus on building a sustainable business model while maintaining community engagement
  • Introduction of Opals, a non-tokenized loyalty reward system
  • Emphasis on IP development for media, TV, movies, comics, and merchandise

DAA's approach to loyalty rewards through Opals represents an innovative solution to the challenges of tokenized reward systems. By creating a system that offers benefits without the complexities of a tradable token, DAA is paving the way for more Web2 companies to explore blockchain-based loyalty programs.

Addressing Solana FUD

Mert, a prominent figure in the Solana community, addressed some common criticisms of the Solana network:

  1. Constant outages: Clarified that Solana has experienced five actual outages, with most other instances being performance degradations rather than complete stops.

  2. Susceptibility to spam: Explained that recent updates like fee markets and connection priority via QUIC have largely addressed spam issues.

  3. Lack of modularity: Argued that Solana's design is actually more modular at the base layer than some other blockchains, with state and logic decoupled.

These explanations provide valuable context for understanding Solana's technical architecture and its approach to solving scalability and security challenges. They highlight the ongoing efforts to improve the network's resilience and performance.

Conclusion

The June 23rd Solana Ecosystem Call showcased the vibrant and rapidly evolving nature of the Solana blockchain. From impressive user growth and trading volumes to innovative projects pushing the boundaries of what's possible on blockchain, Solana continues to demonstrate its potential as a leading platform for decentralized applications.

The involvement of major players like Google, alongside the continuous innovation from projects like Dialect, Degenerate Ape Academy, and others, signals a bright future for the Solana ecosystem. As the platform continues to address technical challenges and improve user experience, it is well-positioned to play a significant role in the mainstream adoption of blockchain technology.

For developers, investors, and enthusiasts, the Solana ecosystem offers a wealth of opportunities to engage with cutting-edge blockchain technology and be part of shaping the future of decentralized systems.

Facts + Figures

  • 6.65 million new wallets were added to the Solana network in May 2023, the highest since July 2022.
  • Trading activity on Solana increased by nearly 300% week-over-week.
  • OpenBook, a decentralized exchange on Solana, crossed $500 million in total trading volume.
  • Metaplex adjusted its fee structure in response to community feedback.
  • Magic Eden open-sourced its marketplace contract.
  • Token-2022, an evolution of the SPL token standard, has been introduced on Solana.
  • Solana Labs developed a ChatGPT plugin for blockchain interactions.
  • Light Protocol V3, enabling private program execution, has been shipped to testnet.
  • ANS domains are now live in Solflare and Phantom wallets.
  • Phantom launched "Sign-in with Solana" for improved dApp connectivity.
  • Ottr Finance introduced Bank Connect for direct on and off-ramping between bank accounts and crypto.
  • Drip Haus has minted over 2.5 million compressed NFTs on Solana.
  • The Vietnam Creator DAO has officially launched.
  • CandyPay is powering crypto tax payments in Honduras through Prospera Global.
  • Google announced a Web3 Startup Program offering up to $200,000 in cloud credits.
  • Google is organizing a 6-day Web3 gaming hackathon in Singapore with $50,000+ in prizes.
  • Dialect has facilitated over 1.2 million free NFT mints on mobile.
  • Degenerate Ape Academy introduced Opals, a non-tokenized loyalty reward system.
  • Solana has experienced five actual outages, with most other instances being performance degradations.

Questions Answered

How many new wallets were added to Solana in May 2023?

Solana saw an impressive addition of 6.65 million new wallets in May 2023. This marks the highest number of new wallets added since July 2022, indicating a significant resurgence of interest and activity in the Solana ecosystem. While not all of these wallets may represent individual users, the sheer volume suggests growing adoption and usage of the Solana network.

What is Google's new initiative for Web3 startups?

Google has launched the Google for Web3 Startups program to support blockchain and Web3 startups. The program offers two tiers of support: for early-stage startups, it provides $2,000 in Google Cloud credits valid for two years and Google Workspace Business Plus free for 12 months. For more established startups that have raised funds, it offers up to $200,000 in Google Cloud credits over two years. This initiative aims to provide Web3 startups with the infrastructure and resources needed to build and scale their projects efficiently.

How is Dialect innovating in the messaging and NFT space on Solana?

Dialect is pioneering a new approach to messaging and NFTs on Solana. They have facilitated over 1.2 million free NFT mints on mobile and introduced NFT chat stickers, a new category of collectibles. Dialect has also launched a trading feature for NFT stickers within their app, creating a unique collector's experience. Their platform demonstrates how user-friendly applications can drive adoption of blockchain technology by making it accessible and enjoyable for users, even those unfamiliar with cryptocurrency.

What is Degenerate Ape Academy's new approach to loyalty rewards?

Degenerate Ape Academy has introduced Opals, a non-tokenized loyalty reward system. This innovative approach allows them to offer benefits to their community without the complexities associated with a tradable token. Opals can be earned and spent within the DAA ecosystem, providing a way to reward engagement without the regulatory and market pressures of a traditional cryptocurrency token. This system could serve as a model for other projects looking to implement blockchain-based loyalty programs.

How has Solana addressed concerns about network outages and spam?

Solana has taken several steps to address concerns about network outages and spam. Mert, a prominent figure in the Solana community, clarified that Solana has experienced five actual outages, with most other instances being performance degradations rather than complete stops. To combat spam, Solana has implemented updates like fee markets and connection priority via QUIC. These improvements have significantly enhanced the network's ability to handle high volumes of transactions and resist spam attacks, contributing to increased stability and performance.

What is Token-2022 and how does it enhance Solana's capabilities?

Token-2022 is an evolution of the SPL (Solana Program Library) token standard on Solana. It introduces new functionalities, including the ability to add default fees and other advanced features. This update expands the possibilities for token creation and management on Solana, providing developers with more tools to create sophisticated and flexible financial instruments. Token-2022 represents Solana's commitment to continuous improvement and innovation in its token ecosystem.

How is CandyPay contributing to real-world adoption of cryptocurrency?

CandyPay, a Solana-based payment solution, is enabling cryptocurrency tax payments in Honduras through a partnership with Prospera Global. This groundbreaking integration allows citizens to pay their taxes using cryptocurrency, representing a significant step forward in the real-world adoption of blockchain technology for government services. This use case demonstrates the growing acceptance of cryptocurrency in official capacities and could serve as a model for other regions looking to integrate blockchain technology into their financial systems.

What is Google's Web3 Gaming Week and how does it benefit Solana developers?

Google is organizing a six-day Web3 gaming hackathon in Singapore, dubbed Web3 Gaming Week. The event offers over $50,000 in prizes and features the presence of major VCs and industry leaders. It includes a 15 game station expo for showcasing projects and provides support for international participants. This event presents an excellent opportunity for Solana developers to showcase their gaming projects, potentially attract investment, and forge partnerships in the growing blockchain gaming industry.

How is Phantom improving user experience for Solana dApps?

Phantom, a leading wallet provider in the Solana ecosystem, has launched "Sign-in with Solana," a new feature aimed at streamlining the process of connecting to decentralized applications (dApps). This functionality enhances overall security for users and provides a more familiar authentication mechanism, similar to Web2 login processes. By simplifying the interaction with dApps, Phantom is addressing one of the key challenges in blockchain adoption and making Solana more accessible to mainstream users.

What is Light Protocol V3 and how does it enhance privacy on Solana?

Light Protocol V3, which has been shipped to testnet, introduces the first ZK (Zero-Knowledge) layer enabling private program execution on Solana. This development significantly enhances privacy options for Solana users and developers. By enabling private transactions and computations, Light Protocol V3 expands the potential use cases for Solana, particularly in sensitive applications such as financial services or healthcare. This advancement in privacy-preserving technologies is crucial for the adoption of blockchain technology in enterprise and institutional contexts.

On this page

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. Anatoly Yakovenko (Aug 23)

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.

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.

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 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 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 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 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 April 18 - Automatic Repair, Saga, and Helium

Discover Solana's latest developments including the Saga phone launch, Helium network migration, and innovative automatic cluster repair proposal.

Solana Changelog - August 29th, 2022 - SDK Changes, Address Lookup Tables, Solang & More!

Explore the latest Solana ecosystem updates, including SDK improvements, address lookup table changes, and exciting new development tools like Solang and Seahorse.

Solana Changelog May 16 - IDL Standard, 1.14.17, and Dune Analytics

Discover the latest Solana developments, including IDL standardization, 1.14.17 release progress, and Dune Analytics integration for enhanced on-chain data analysis.

Solana Changelog - Bridge Comparator, Program Loader v4, Feature Gates, and More

Discover the latest Solana developments including Jupiter's bridge comparator, Program Loader v4, feature gates, and more in this comprehensive changelog.

Solana Changelog May 23 - Lite RPC, Programmable Smart Wallets, and Idle Games

Explore the latest Solana updates including Lite RPC for efficient transactions, programmable smart wallets, and exciting developments in game creation on the blockchain.

Solana Changelog July 18 - Active Stake Sysvar and Generating IDLs

Explore the latest Solana developments, including a new SYSVAR for active stake, improvements to Anchor IDL generation, and Switchboard's innovative off-chain functions.

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

Explore the latest Solana updates including Cardinal Labs shutdown, Jupiter's Token 2022 support, Cubik's tooling round, and new developer resources