TL;DR
- Binance integrates the Solana network into its Web3 Wallet, expanding options for users.
- Users can now send, receive, and exchange tokens on the Solana network through the Binance Web3 Wallet.
- Activity on Solana’s decentralized exchanges (DEX) has seen a notable increase, making it the second largest network in trading volume.
Binance has taken a significant step in its goal of offering a self-custodied, multi-chain wallet by integrating the Solana network into its Web3 Wallet.
This recently announced integration gives users the ability to access a broader range of blockchain networks, including Bitcoin (BTC), EVM, Cosmos (ATOM), and now Solana.
#Binance Web3 Wallet has integrated @solana!
Seamlessly manage and trade $SOL and get access to a range of dApps and upcoming airdrops.
Update the app and activate your $SOL wallet to try it out 👇
— Binance (@binance) March 15, 2024
With the Solana integration, Binance Web3 Wallet users can now send, receive, and exchange tokens on the Solana network, as well as explore and use various Solana-based decentralized applications (dApps).
Ten Solana-based dApps have been added initially, including Drift, Dual Finance, Jito, Jupiter, Magic Eden, MarginFi, Orca, PsyOptions, Pyth Network and Raydium, with more dApps planned to be added gradually.
Binance has also introduced a ‘dApp Hub‘, which is a UI revamp that consolidates all popular dApps into a single tab.
This revamp aims to provide users with a seamless experience to explore and interact with the most popular dApps safely.
The integration of the Solana network coincides with Binance’s efforts to improve its Web3 Wallet
These advancements include the launch of the Binance Enrollment Marketplace, Enrollment Accelerator, support for ERC-404 tokens, integration of multiple networks, and the addition of multiple dApps to expand service offerings.
Activity on Solana decentralized exchanges (DEXs) has seen a notable increase, making it the second largest network in trading volume, surpassing networks such as Binance Smart Chain and Arbitrum.
Solana DEXs recorded more than $2.27 billion in trading volume in the last day and $11.56 billion for the entire week, according to DeFi aggregator TVL DeFiLlama.
This increase in trading volume on Solana can be attributed to several factors, including the increase in on-chain transactions, the arrival of new users, and the resulting congestion on the network.
The Solana ecosystem has also seen substantial growth in developer activity, boasting more than 2,500 monthly active developers, according to the Solana Foundation.
This continued developer engagement underscores Solana’s attraction to talent and its ability to keep the ecosystem growing.
Solana has reached several significant milestones, including surpassing Ethereum (ETH) in stablecoin trading volume for 7 days, with stablecoin transfers on Solana reaching $103 billion in the first week of January.
These developments highlight Solana’s growing prominence within the crypto community and its potential to compete with established networks like Ethereum.
