Solana Unveils Token Extensions As SOL Bounces Back, Surging 5%
24 Enero 2024 - 7:00PM
NEWSBTC
The Solana Foundation, a non-profit organization dedicated to
decentralization, adoption, and security on the Solana network, has
launched token extensions. Solana Token Extensions
Gains Traction According to a January 24 announcement, token
extensions provide developers, enterprises, financial institutions,
and Solana-native development teams with a comprehensive suite of
turnkey solutions for advanced token functionality. Anatoly
Yakovenko, co-founder of Solana and CEO of Solana Labs, commented
on the launch, stating: Token extensions build on the
characteristics that make Solana the ideal destination for
developers. Solana is the first network to offer this level of
integrated developer and user experience in a single token program.
We’re already seeing the potential to build using token extensions
via deployments from some of the most recognizable names in crypto.
Related Reading: Bitcoin Goes To The Doctor: 5 Key Metrics For BTC
In 2024 Industry giants Paxos and GMO-Z.com Trust Company Inc. (GMO
Trust) are leading the way in adopting token extensions. As
announced by the Solana Foundation, these companies are “leveraging
the benefits” of token extensions to issue stablecoins on the
Solana blockchain. As previously reported, Paxos, a regulated
blockchain and tokenization infrastructure platform, expanded its
stablecoin issuance to the network in December. Similarly, GMO
Trust announced the launch of the first regulated Japanese yen
stablecoin and their own US dollar stablecoin on the Solana
network. New Standards For Blockchain Compliance?
Sheraz Shere, Head of Payments at the Solana Foundation, emphasized
the appeal of the Solana network for enterprise-grade companies
entering the web3 space. Shere stated: Companies like Visa,
Worldpay, Stripe, Google, and Shopify have already seen the
performance advantages inherent to the Solana network and have
launched solutions and applications that are only possible on
Solana. With token extensions, we are expanding what is possible
for enterprise adoption of blockchain by natively enabling features
that matter to large regulated enterprises. Token extensions,
designed to cater to builders across diverse industries such as
stablecoins, real-world assets (RWA), and payments, offer a range
of interesting features: Transfer Hooks: Enables token issuers to
exert control over token interactions, empowering developers to
create intricate and flexible token mechanisms. Transfer Fees:
Provides the ability to charge fees for each token transfer,
offering sustainable revenue models for different types of tokens
built using token extensions. Confidential Transfers: Utilizes
zero-knowledge proofs to encrypt the transfer amount while publicly
sharing the source, destination, and token type. This ensures
compliance while preserving privacy. Permanent Delegate Authority:
Grants token issuers absolute authority over their tokens,
particularly for those requiring revocation ability, such as
licenses or credentials. Non-transferability: Restricts token
transfers to the issuer only, making it ideal for unique user
identification and credentialing purposes. Related Reading: Crypto
Carnage: OKB Flash Crash Wipes 25% Off Value In Minutes – Here’s
What Happened Ultimately, with the launch of token extensions,
Solana aims to position itself as a force in blockchain
development, offering builders the tools to create new applications
across various industries. The SOL token experienced a sharp
drop of over 28% in the past 30 days, leading to a decline to the
$79 level. However, the token has recovered in the past 24 hours
with a 5% bounce, leading to a current trading price of $87.
Featured image from Shutterstock, chart from TradingView.com
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