- Solana strengthens its DeFi ecosystem
- Coinbase announces cbBTC expansion to Solana
- Marinade V2 introduces staking innovations
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.
Coinbase introduced its wrapped Bitcoin (cbBTC) to the Solana network, boosting Bitcoin liquidity on Solana. Meanwhile, Marinade Finance unveiled its highly anticipated Marinade V2 staking upgrade. These are just some of the recent Solana partnerships.
Marinade V2 for Solana Staking
Solana Breakpoint conference saw several major developments. On Saturday, September 21, at the Solana Breakpoint Conference in Singapore, Marinade Finance revealed its V2 staking upgrade. Its goal is to make staking easier and safer.
The upgrade allows users to stake their SOL tokens without transferring them to a smart contract. Instead, users retain full control of their assets within their wallets while delegating staking authority to validators. This eliminates smart contract risk, something that many users were concerned about.
Users will also get Protected Staking Rewards (PSR). This ensures that users receive their full expected staking rewards, regardless of validator performance. The way it works is that validators have to post collateral. If they don’t perform, validators must compensate the users with this collateral.
Coinbase Expands Wrapped Bitcoin to Solana
Other developments at the Breakpoint conference suggest that Solana is working on expanding liquidity across the ecosystem. For one, Coinbase unveiled that its wrapped Bitcoin asset, cbBTC, would now be integrated into the Solana blockchain.
Wrapped Bitcoin assets like cbBTC are key for cross-chain liquidity. Notably, they allow Bitcoin trading on other blockchains, while maintaining a 1:1 ratio with real Bitcoin in reserve.
These are just the most recent partnerships that strengthen Solana’s position in DeFi. Notably, at the same conference, Franklin Templeton announced launching a mutual fund on Solana. At the same time, Citibank also revealed that they are exploring Solana for use in its products.
On the Flipside
Despite the rapid growth in user activity, Solana’s network has experienced multiple outages and periods of congestion.
Solana still trails behind Ethereum in terms of Total Value Locked (TVL) in DeFi.
Why This Matters
Latest integrations, including Coinbase’s cbBTC and Marinade V2, showcase Solana’s growing role in the DeFi landscape.
Read more about Solana’s latest partnerships:
Solana Breaks User Records as Franklin Templeton, MakerDAO Join
Read more about Coinbase’s expansion to Solana:
Coinbase Eyes cbBTC Integration with Solana Blockchain
