Solana’s recent Breakpoint 2024 conference highlighted a wave of institutional adoption and significant advancements in mobile development. Key announcements included upcoming launches by Franklin Templeton, Securitize, and Société Générale, signaling a strong institutional interest in Solana’s blockchain capabilities.
Institutional adoption is accelerating, with Franklin Templeton planning to launch a money market fund on Solana. This move positions Franklin Templeton as the first asset manager to issue securities on Solana under a public SEC registration. Meanwhile, Securitize is set to add native support for Solana, facilitating the deployment of tokenized assets on the network. Société Générale’s digital assets subsidiary, SG FORGE, will also launch its EUR CoinVertible stablecoin on Solana, marking a significant step in stablecoin adoption.
Mobile Development and Ecosystem Growth
Solana developers are increasingly focusing on mobile applications, with new apps from Jupiter, DRiP, and PhotoFinish LIVE. Jupiter Mobile, for instance, offers user-friendly swapping and onramping features, while DRiP Mobile provides gasless transactions and a seamless user interface. The expansion of Solana’s payments ecosystem was also evident, with the introduction of cross-border payment apps like Sling and emerging trends such as PayFi.
Solana Mobile’s hardware advancements were showcased with the Seeker phone, designed to enhance the mobile crypto experience. This device, along with Jambo’s JamboPhone 2, aims to disrupt the app store duopoly and provide a better platform for mobile crypto apps.
Decentralized Energy and DePIN Developments
A notable trend at Breakpoint was the emergence of decentralized energy projects within the DePIN sub-sector. Projects like Project Zero and Powerledger’s upcoming migration to Solana aim to address the energy crisis through decentralized renewable energy networks. These initiatives highlight Solana’s potential to drive innovation in energy management and distribution.
Despite a decline in onchain activity, Solana’s development activity continues to grow. Projects on Solana announced $173 million in fundraising in Q3 2024, the highest since Q2 2022. The Colosseum hackathon saw a 63% increase in participation, underscoring the growing interest in Solana’s development ecosystem.
For more details on the developments from Breakpoint 2024, you can read the full report here.
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