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Solana Ecosystem Call ft. Nuseir Yassin, Jito, DRiP, Wormhole, Elusive, and Backpack (Apr 23)

By Superteam

Published on 2023-04-08

Discover the latest developments in the Solana ecosystem, including compressed NFTs, privacy solutions, and MEV infrastructure. Learn about exciting projects like Backpack, Elusive, and Jito Labs.

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

Solana Ecosystem Call: Unveiling the Latest Innovations and Milestones

The Solana ecosystem continues to thrive and innovate, even in the midst of a bear market. The recent Ecosystem Community Call brought together some of the brightest minds and most exciting projects in the Solana space to showcase their latest developments and share insights into the future of the blockchain. From compressed NFTs to privacy solutions and MEV infrastructure, the call highlighted the rapid progress and diverse applications being built on Solana.

The State of Solana: Impressive Growth and Adoption

Solana's network performance continues to impress, with staggering transaction volumes and growing adoption. The blockchain is currently processing an astonishing 373 million transactions per day, a testament to its high throughput capabilities. While the number of active wallets has seen a slight decrease month-on-month, non-voting transactions have actually increased, indicating that users are engaging in more complex activities on the network.

The deployment of new programs on Solana is also on the rise, with daily active programs up by 4.5%. The network's transaction processing speed remains high, with over 4,500 transactions per second (TPS), of which approximately 450 TPS represent true user transactions. This performance puts Solana leagues ahead of many competing blockchains in terms of scalability and efficiency.

Grizzlython: A Testament to Solana's Developer Ecosystem

One of the most exciting recent events in the Solana ecosystem was the conclusion of Grizzlython, the largest hackathon ever held for Solana. The event saw an impressive turnout of 800 projects from 70 countries, showcasing the global appeal and vibrant developer community surrounding the blockchain. This massive participation, especially during a bear market, speaks volumes about the continued interest and belief in Solana's potential.

The hackathon featured a staggering prize pool of $500,000 to $700,000, distributed across 38 different prizes. This significant investment in developer incentives demonstrates the ecosystem's commitment to fostering innovation and attracting top talent. The results of Grizzlython were eagerly anticipated, with the winners set to be announced shortly after the community call.

Compressed NFTs: A Game-Changer for Digital Assets

One of the most significant recent developments in the Solana ecosystem is the introduction of compressed NFTs. This innovation is set to revolutionize the way digital assets are created, stored, and transferred on the blockchain. Compressed NFTs dramatically reduce the cost of minting and storing NFTs, making it feasible to create and manage large collections of digital assets at scale.

Vibu from DRiP, a platform that distributes free NFT art weekly, highlighted the transformative impact of compressed NFTs on their operations. He revealed that in just the last two weeks, the technology had saved their company $23,000 in minting costs. For a recent drop of 120,000 NFTs, the cost was reduced from an estimated $15,000 to a mere $15.

This dramatic cost reduction opens up new possibilities for NFT use cases beyond digital art. As Vibu explained, "We are heading towards a world where you don't think of NFTs as just JPEGs anymore. They can be thought of as pretty much anything." This paradigm shift could lead to the widespread adoption of NFTs for various applications, including ticketing, loyalty programs, and digital identities.

Elusive: Bringing Privacy to Solana Transactions

Privacy is a critical concern in the world of public blockchains, where all transactions are typically visible to anyone. Elusive, a project presented by co-founder Julian, aims to address this issue by building a universal encryption layer for Solana. The platform uses zero-knowledge (ZK) encryption to enable secure private transactions while maintaining a decentralized compliance system to prevent illicit activities.

Elusive's innovation lies in making privacy programmable, allowing developers to build their own private applications using the Elusive framework. Since its launch, the project has seen over $300,000 in organic volume, demonstrating strong interest in privacy-preserving solutions on Solana.

During the call, Julian conducted a live demonstration of an encrypted transaction using Elusive, showcasing the ease and speed with which users can make private transfers on the Solana network. This real-time demo highlighted the project's potential to address one of the key challenges in blockchain technology: balancing transparency with privacy.

Jito Labs: Revolutionizing MEV Infrastructure

Buffalo from Jito Labs presented their work on high-performance MEV (Miner Extractable Value) infrastructure for Solana. MEV refers to the value that can be extracted by block producers by controlling the ordering of transactions. While often misunderstood as inherently negative, Buffalo emphasized that MEV can be beneficial and is necessary for blockchain functionality.

Jito Labs' system allows traders on Solana to participate in off-chain auctions, minimizing failed transactions and maximizing value returned to stakers. The project has seen significant adoption, with the Jito Solana client running on 105 validators, representing 23% of the total stake on the network. This widespread use means that a substantial portion of recent Solana transactions may have been processed through Jito Labs' infrastructure.

The project is also contributing to the Jito Protocol, which is currently the highest-yielding and fastest-growing liquid staking token on Solana. By staking to validators running the Jito Solana client, users can earn both standard staking rewards and additional MEV rewards, enhancing the overall yield for Solana stakers.

Wormhole: Bridging the Gap Between Blockchains

Robinson from Wormhole presented their latest developments in cross-chain infrastructure. Wormhole positions itself as the backbone of the "Internet of Money," aiming to solve issues of fragmented liquidity and poor user experience in the crypto space by enabling seamless cross-chain interactions.

Recent launches from Wormhole include an NFT Burn and Mint standard, allowing NFTs to be transferred between chains while maintaining their functionality. The team has also introduced Global Accountants, a security feature that maintains a ledger across all chains connected to Wormhole, ensuring the integrity of cross-chain asset transfers.

Looking ahead, Wormhole is set to launch Wormhole Connect, a simple integration that will allow Solana builders to easily enable cross-chain asset transfers with just five lines of code. This development promises to significantly lower the barrier for Solana projects looking to tap into liquidity and user bases from other blockchains.

Backpack: Innovating in the Wallet and NFT Space

Armani from Backpack provided updates on their wallet solution and the highly anticipated Mad Lads NFT project. Backpack is positioning itself as a comprehensive platform for interacting with the Solana ecosystem, with a focus on NFTs and decentralized applications (dApps).

The Mad Lads NFT collection, set to mint in April, is generating significant buzz in the community. Armani emphasized the project's focus on high-quality artwork, showcasing some of the detailed designs during the call. The minting process for Mad Lads will be conducted entirely through Backpack, leveraging their XNFT (executable NFT) technology.

Backpack is also fostering innovation in the NFT space through their XNFT store, which allows developers to create and distribute interactive NFTs with built-in functionality. Armani highlighted a recent example of this technology in action, with the launch of an F1-themed XNFT collectible that was published independently on the XNFT store.

DRiP: Democratizing NFT Distribution

Vibu from DRiP shared insights into their platform, which distributes free NFT art to users on a weekly basis. The project has seen impressive growth, with a 15% increase in users every week. DRiP is currently serving over 120,000 people, making it one of the largest NFT distribution platforms on Solana.

Upcoming features for DRiP include "Legendary Lock-in," a gamified system that will allow users to improve their odds of receiving legendary NFTs by taking daily actions on the platform. The project is also expanding its offerings, with plans to launch multiple new NFT collections, including collaborations with established NFT projects and emerging artists.

DRiP's success and rapid growth demonstrate the strong demand for accessible NFT experiences and highlight Solana's capacity to support large-scale NFT distribution at minimal cost.

Solana Gaming: A Rising Force in Blockchain Gaming

Dave Burrell from Jump Crypto provided an update on the state of gaming in the Solana ecosystem. He highlighted several key developments that are positioning Solana as a leading blockchain for game development:

  1. The release of ARK, an on-chain Entity Component System (ECS) data framework that facilitates the development of fully on-chain games.
  2. The introduction of compressed NFTs, which allow for the creation and management of millions of in-game items at a fraction of the cost of traditional NFTs.
  3. The launch of Shadow Portal, a project that enables the seamless integration of off-chain data storage with on-chain computation, opening up new possibilities for complex game mechanics.

Burrell also mentioned notable games in the Solana ecosystem, such as Star Atlas and Genopets, which are pushing the boundaries of what's possible with blockchain gaming. The announcement of PlayGG, a two-day gaming event in San Diego showcasing over 50 playable Solana games, further underscores the growing momentum in the Solana gaming space.

Super Team Germany: Fostering Local Solana Communities

Chris from Super Team Germany emphasized the importance of in-person events and community building for the growth of the Solana ecosystem. He shared insights from their recent Build Station event in Berlin, which coincided with the Grizzlython hackathon. The event demonstrated the power of face-to-face interactions in accelerating development, debugging, and networking within the Solana community.

The Build Station in Berlin saw 30 projects present their work in person, out of the 575-600 total submissions for Grizzlython. This high local turnout highlights the strong and growing Solana developer community in Germany. Super Team Germany is focused on connecting builders, developers, and creatives within the country, fostering a vibrant local ecosystem that contributes to Solana's global growth.

Nas Daily: Bringing Mainstream Attention to Solana

A special guest appearance by Nuseir Yassin, better known as Nas Daily, brought an exciting perspective on bringing Solana to a broader audience. Nas, with his massive following of 65 million across social media platforms, has been exploring the crypto space and sees alignment between his mission of bringing people together and the community-building aspect of blockchain technology.

Nas announced a collaboration with Solana on a "Better Engineering" class, aimed at transforming web2 engineers into web3 developers. The initiative received an overwhelming response, with 30,000 applications for the free, six-week course sponsored by the Solana Foundation. This massive interest underscores the growing demand for blockchain development skills and the appeal of Solana as a platform for builders.

Additionally, Nas invited the Solana community to participate in the upcoming Nas Creator Summit in Dubai, offering 50 free tickets to attendees of the ecosystem call. This event, bringing together 1,000 creators from both Web2 and Web3 spaces, represents a significant opportunity for cross-pollination of ideas and expansion of the Solana ecosystem.

Conclusion: Solana's Unstoppable Momentum

The Solana Ecosystem Call painted a picture of a blockchain ecosystem that is not just surviving but thriving in challenging market conditions. From groundbreaking innovations in NFT technology and privacy solutions to the rapid growth of gaming and DeFi applications, Solana continues to push the boundaries of what's possible in the blockchain space.

The diversity and quality of projects being built on Solana, coupled with its unparalleled performance and growing developer ecosystem, position it as a leading contender in the race to mainstream blockchain adoption. As compressed NFTs open up new possibilities, privacy solutions like Elusive address critical concerns, and infrastructure improvements from projects like Jito Labs enhance the network's efficiency, Solana is laying the groundwork for the next wave of blockchain innovation.

With events like PlayGG and collaborations with influential figures like Nas Daily on the horizon, the Solana ecosystem is poised for increased visibility and adoption in the coming months. As the community continues to build, innovate, and expand, Solana's vision of a high-performance, accessible blockchain for the masses comes ever closer to reality.

Facts + Figures

  • Solana is processing 373 million transactions per day
  • Daily active programs on Solana are up 4.5%
  • Solana's true TPS (excluding validator communication) is around 450
  • Grizzlython hackathon had 800 projects from 70 countries
  • Grizzlython prize pool ranged from $500,000 to $700,000
  • Compressed NFTs reduced minting costs for DRiP from $15,000 to $15 for 120,000 NFTs
  • Elusive has seen over $300,000 in organic volume since launch
  • Jito Labs' MEV infrastructure is running on 105 validators, representing 23% of Solana's stake
  • Jito is distributing MEV rewards to over 200,000 staked accounts
  • DRiP is distributing free NFTs to over 120,000 people weekly
  • DRiP's user base is growing by 15% every week
  • Nas Daily's "Better Engineering" class in collaboration with Solana received 30,000 applications
  • The Nas Creator Summit in Dubai will bring together 1,000 creators
  • PlayGG event in San Diego will showcase over 50 playable Solana games
  • Q1 2023 saw $4.7 billion in NFT trading volume, nearly double that of Q4 2022
  • Backpack's Mad Lads NFT mint is expected to be priced at 1,000 SOL
  • Super Team Germany's Build Station event featured 30 in-person project presentations

Questions Answered

What is the current state of the Solana network?

Solana is currently processing an impressive 373 million transactions per day, with a true transaction throughput of around 450 TPS (excluding validator communication). The network has seen an increase in daily active programs by 4.5%, indicating growing development activity. While the number of active wallets has slightly decreased month-on-month, non-voting transactions have increased, suggesting users are engaging in more complex activities on the network.

How are compressed NFTs changing the Solana ecosystem?

Compressed NFTs are revolutionizing the way digital assets are created and managed on Solana. They dramatically reduce the cost of minting and storing NFTs, making it feasible to create large collections at scale. For example, DRiP was able to mint 120,000 NFTs for just $15, compared to the previous cost of $15,000. This cost reduction opens up new possibilities for NFT use cases beyond digital art, including ticketing, loyalty programs, and digital identities.

What is Elusive and how does it enhance privacy on Solana?

Elusive is a project building a universal encryption layer for Solana, addressing the need for privacy in blockchain transactions. It uses zero-knowledge (ZK) encryption to enable secure private transactions while maintaining a decentralized compliance system. Elusive makes privacy programmable, allowing developers to build their own private applications using their framework. Since its launch, the project has seen over $300,000 in organic volume, demonstrating strong interest in privacy-preserving solutions on Solana.

How is Jito Labs improving MEV infrastructure on Solana?

Jito Labs is developing high-performance MEV (Miner Extractable Value) infrastructure for Solana. Their system allows traders to participate in off-chain auctions, minimizing failed transactions and maximizing value returned to stakers. The Jito Solana client is running on 105 validators, representing 23% of the total stake on the network. They are also contributing to the Jito Protocol, which is currently the highest-yielding and fastest-growing liquid staking token on Solana, offering users both standard staking rewards and additional MEV rewards.

What new developments has Wormhole introduced for cross-chain interactions?

Wormhole has launched several new features to enhance cross-chain interactions. These include an NFT Burn and Mint standard, allowing NFTs to be transferred between chains while maintaining their functionality, and Global Accountants, a security feature that maintains a ledger across all connected chains. They are also set to launch Wormhole Connect, a simple integration that will allow Solana builders to easily enable cross-chain asset transfers with just five lines of code, significantly lowering the barrier for cross-chain development.

What is DRiP and how is it democratizing NFT distribution?

DRiP is a platform that distributes free NFT art to users on a weekly basis. It has seen impressive growth, with a 15% increase in users every week, and is currently serving over 120,000 people. DRiP is introducing new features like "Legendary Lock-in,"

a gamified system to improve users' chances of receiving legendary NFTs. The project's success demonstrates the strong demand for accessible NFT experiences and highlights Solana's capacity to support large-scale NFT distribution at minimal cost.

How is Solana positioning itself in the blockchain gaming space?

Solana is emerging as a leading blockchain for game development, with several key innovations. These include ARK, an on-chain Entity Component System (ECS) data framework, compressed NFTs for efficient in-game item management, and Shadow Portal for seamless integration of off-chain data storage with on-chain computation. Notable games like Star Atlas and Genopets are pushing the boundaries of blockchain gaming on Solana. The upcoming PlayGG event in San Diego, showcasing over 50 playable Solana games, further underscores the growing momentum in this space.

What is the significance of the Nas Daily collaboration with Solana?

The collaboration between Nas Daily and Solana on the "Better Engineering" class represents a significant step in bringing blockchain development to a mainstream audience. The initiative, aimed at transforming web2 engineers into web3 developers, received 30,000 applications for the free, six-week course. This overwhelming response demonstrates the growing interest in blockchain development skills and the appeal of Solana as a platform for builders. Additionally, Nas' involvement brings attention from his 65 million followers, potentially accelerating adoption and interest in the Solana ecosystem.

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