July 24, 2024
Latest Cryptocurrency News

Circle Integrates Solana Blockchain in Web3 Services

Circle, a leading platform for Web3 services, has announced the rollout of support for the Solana blockchain, introducing a range of new features. The integration, set to occur in two phases, aims to enhance accessibility and functionality within the Solana ecosystem.

Phase One: Programmable Wallets and Gas Stations

The initial phase, revealed on June 12, will primarily focus on programmable wallets and sponsored transaction fees through Circle’s gas station feature. This advancement enables developers to automate asset management based on predefined rules, streamlining processes within the Solana network.

Phase Two: NFTs and Smart Contract Interactions

Circle intends to use the Smart Contract Platform to provide support for non-fungible tokens (NFTs) and program interactions after the initial phase. With this change, Solana is now in line with the other well-known blockchains that Circle supports, such as Ethereum, Polygon, and Avalanche.

Advancements in Programmability

Programmable Wallets offer an innovative solution, allowing seamless interaction with smart contracts. This automation capability eliminates manual execution for tasks such as transaction execution under specific conditions. Companies, like Fuse Wallet, are also focusing on programmability for wallets on Solana. Fuse Wallet, announced on June 10, supports programmability and aims to solve issues like dependence on seed phrases and limited asset recovery options.

Solana’s Growth Trajectory

Solana has witnessed a surge in activity, marked by numerous integrations and a record high of 41.5 million active addresses in May. Circle’s decision to support Solana reflects the blockchain’s burgeoning developer community and increasing demand for scalable solutions in Web3 services.

Preparations for Firedancer Upgrade

In anticipation of further growth, Solana is gearing up for the Firedancer upgrade scheduled for 2025. This enhancement aims to bolster scalability and eliminate network downtime, addressing recent outages and ensuring a seamless user experience.

Industry Support for Solana

Solana’s ecosystem continues to attract major players, with PayPal integrating its stablecoin, PayPal USD, on May 29. This move underscores the growing utility of Solana for daily transactions, further cementing its position in the blockchain space.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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