Solana Labs has announced the launch of extensions for Solana Program Library (SPL) tokens, calling it “the future of tokenization.” Solana’s new extensions for SPL tokens are designed for a wide range of assets. The main goal is to make them more programmable. The developers wrote about this on X (formerly Twitter):
1/ The future of tokenization is now: Introducing token extensions, ready-to-use advanced token functionality on Solana.https://t.co/zNw9qWgvjA
Token extensions empower developers to rapidly build customized token experiences & designed to meet business compliance needs.🧵 pic.twitter.com/dHkKoNS28X
— Solana (@solana) January 24, 2024
Blockchain Implementation
According to the announcement, the software package includes 13 plugins that allow:
- Revoke the transfer if it does not meet the specified parameters;
- Integrate zero-knowledge proofs;
- Use the built-in royalty system to charge commissions;
- Maintain partial control over the issued coins;
- Block the possibility of transferring funds.
Early adopters of the new SPL-based token extensions include Paxos and GMO-Z.com Trust Company Inc. According to Solana Labs co-founder Anatoly Yakovenko, the updates “are based on the characteristics that make the network an ideal place for developers.”
“Solana is the first blockchain to offer this level of integrated developer and user experience within a single token program,” he added.
Sheraz Shere, head of payments at the Solana Foundation, noted that the new token extensions will contribute to corporate adoption of the blockchain. Solana is primarily chosen by enterprise-level companies that want to enter the Web3 market.
“With the token extension, we are expanding the enterprise adoption of blockchain with built-in features that are important for large regulated enterprises,” he emphasized.
What about the price of Solana?
According to Tradingview.com, the value of SOL has increased by 2% over the past 24 hours. At the time of writing, the asset is trading at $88.
At the same time, over the past week, the token’s performance in total decreased by 12%, and over the month – by 22%. SOL’s market capitalization is $38 billion, making it the fifth largest cryptocurrency in the world. Previously, the Solana team stated that the network currently has about 2,500 monthly active developers. In addition, last week representatives of the project also announced the release of a second smartphone.
Solana’s Dynamic Growth
The Solana ecosystem is used for decentralized applications (dApps) in games, NFTs, payments and other financial transactions. Since the platform has a variety of use cases, many blockchain developers turn to it repeatedly. While this indicates greater activity and vulnerability to hacking and fraud, it also means higher trading volumes.
In December, SOL was among the tier-1 proof-of-stake networks that dominated the altcoin rally, posting good price gains. According to some cryptocurrency forecasts, the price of SOL could reach $150, but the latest increase in daily trading volume by more than $3 million was perceived by some ecosystem analysts as a “bullish” signal. Over the past year, SOL has increased in price by 348.5%. However, as of this writing, its market capitalization is $40,450,588,570 and it is trading at $91.30 per coin, down 7.2%, 4.8% and 6.9% on the 14-day, 7 -daily and 24-hour charts, respectively.
