- Solana Surpasses 5 Million Daily Users.
- Franklin Templeton launches fund on Solana.
- Sky (MakerDAO) Expands to Solana.
Solana has been on an impressive run this year, both in terms of its token and its ecosystem. Year over year, SOL is up 625% after a significant expansion of its DeFi ecosystem.
Recently, the Solana Foundation unveiled several major developments. These include partnerships with banking giants and one of the biggest DeFi protocols. At the same time, user counts are breaking records.
Solana Reaches Record Users
Last week was full of major developments for Solana. On Friday, September 20, amid the BreakPoint Conference in Singapore, Solana reached a notable milestone in user growth. Moreover, several influential entities announced their expansion to the Solana Network.
After months of active growth of its ecosystem, Solana surpassed 5 million daily active users, surpassing Ethereum in terms of daily activity.
Franklin Templeton Launches Solana Mutual Fund
Simultaneously, Solana had two major institutional endorsements at the Solana Breakpoint conference in Singapore. Trillion-dollar asset manager Franklin Templeton announced its plans to launch an on-chain mutual fund using Solana’s blockchain.
Mike Reed, an executive at Franklin Templeton, cited Solana’s cost-effectiveness as a critical factor in the decision. At the same time, Citibank also announced it is exploring using Solana for money transfers.
MakerDAO Expands to Solana
Another major highlight of the Breakpoint conference was Rune Christensen’s announcement that Sky Protocol, known as MakerDAO, will deploy its decentralized stablecoin (USDS) and governance token (SKY) on Solana.
Sky will enable one-to-one conversions between its USDS and Circle’s USDC stablecoin on Solana using the Wormhole interoperability protocol. Christensen, the founder of MakerDAO, emphasized the technical quality of Solana’s codebase and its resilience, particularly in the aftermath of the FTX collapse.
On the Flipside
- Despite its rapid growth, the Solana network struggled with reliability. Issues included several network-wide outages and congestion.
- Ethereum continues to dominate DeFi in terms of total value locked. Its TVL at $48 billion dwarfs Solana’s $5 billion.
Why This Matters
For Solana, recent major endorsements and network metrics will open the door for even more growth. Institutions and DeFi giants bring credibility, making Solana more likely to get future partnerships.
Read more about the role of memecoins in Solana’s growth:
Solana Memecoin Exposure Becomes a Major Risk for the Network
Read more about SEC enforcement against crypto companies:
SEC Crypto Fines Surge to $4.68B in 2024, More Than All Other Years Combined
