Solana Continues to Solidify Its Position as a Hub for Decentralized Finance (DeFi)
The Solana blockchain continues solidifying its position as a hub for decentralized finance (DeFi). The network recently unveiled several major partnerships and developments at its 2024 Breakpoint Conference in Singapore.
The Solana blockchain is quickly becoming a hub for decentralized finance (DeFi). At its 2024 Breakpoint Conference in Singapore, several major partnerships and developments were announced.
Coinbase introduced its wrapped Bitcoin (cbBTC) to the Solana network, which will increase Bitcoin liquidity on Solana. Marinade Finance also unveiled its highly anticipated Marinade V2 staking upgrade.
Here's a closer look at some of the recent Solana partnerships.
Solana Breakpoint Conference: Major Developments Announced
On Saturday, September 21, at the Solana Breakpoint Conference in Singapore, Marinade Finance announced its V2 staking upgrade, which aims to make staking easier and safer.
The upgrade allows users to stake their SOL tokens without transferring them to a smart contract. Instead, users can maintain complete control of their assets within their wallets while delegating staking authority to validators. This eliminates the risk associated with smart contracts, which was a concern for many users.
Additionally, users will benefit from Protected Staking Rewards (PSR), ensuring they receive their full expected staking rewards, irrespective of validator performance. Validators are required to post collateral, and in the event of poor performance, they must compensate users with this collateral.
Coinbase Expands Wrapped Bitcoin to Solana
Another development at the Breakpoint conference highlighted Solana's efforts to enhance liquidity throughout the ecosystem. Coinbase announced plans to integrate its wrapped Bitcoin asset, cbBTC, into the Solana blockchain.
Wrapped Bitcoin assets, such as cbBTC, are crucial for cross-chain liquidity. They enable Bitcoin trading on other blockchains while maintaining a 1:1 ratio with real Bitcoin in reserve.
These integrations add to Solana's strength in DeFi, with Franklin Templeton announcing the launch of a mutual fund on Solana at the same conference. Citibank, too, revealed that it is exploring the use of Solana in its products.
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