TechPression

Tag: Solana

  • PayPal, Venmo add Chainlink and Solana to cryptocurrency offerings

    PayPal, Venmo add Chainlink and Solana to cryptocurrency offerings

    On April 4, PayPal Holdings, the global payments giant, disclosed that it is expanding its cryptocurrency offerings by adding Chainlink (LINK) and Solana (SOL) to its platform, as well as its subsidiary Venmo.

    According to the company, the development will allow users in the U.S. to buy, hold, sell, and transfer these digital assets directly within their PayPal and Venmo accounts.

    Read also: U.S. sees first Solana futures ETFs, marking crypto breakthrough

    Providing greater flexibility and choice

    “Since we initially made cryptocurrencies available on PayPal and Venmo, we’ve been listening to our users about what they want to do with crypto on our platforms,” stated May Zabaneh, Vice President of Product, Blockchain, Crypto, and Digital Currencies at PayPal. “One piece of feedback we’ve heard is to make additional tokens available that align with our mission of revolutionising payments.”

    The integration of Chainlink and Solana reflects PayPal’s commitment to meeting user demand and fostering greater accessibility to the cryptocurrency market.

    “Offering more tokens on PayPal and Venmo provides users with greater flexibility, choice, and access to digital currencies,” Zabaneh explained. “This allows for more options to buy, send or spend within our trusted PayPal and Venmo wallets.”

    Chainlink is recognised as a leading platform for data, computing, and cross-chain interoperability, enabling the development of more advanced blockchain applications. Solana, on the other hand, is a prominent blockchain known for its high speed and scalability, supporting a wide array of decentralised applications and crypto projects. Users can utilise SOL to engage in decentralised finance, make payments, participate in games, and contribute to community-run infrastructure networks.

    Read also: Solana marks 5th anniversary, reaching over 400 billion transactions since launch

    Gradual rollout over the coming weeks

    With the latest update, PayPal and Venmo users can anticipate the availability of LINK and SOL for purchase within the next few weeks. The company plans a gradual rollout to ensure a smooth and seamless integration of these new cryptocurrencies into its existing services. This expansion brings the number of cryptocurrencies available on PayPal’s US platform to seven, including its stablecoin, PayPal USD (PYUSD).

    PayPal’s venture into the cryptocurrency market has been marked by a strategic approach to providing a secure and user-friendly environment for digital asset management.

    Therefore, adding Chainlink and Solana underscores the company’s dedication to staying at the forefront of the evolving digital currency system and catering to the growing interest in various crypto assets.

  • Bitcoin, Ethereum, Solana, others gain as cryptocurrency hits $2.84 trillion in 24 hours

    Bitcoin, Ethereum, Solana, others gain as cryptocurrency hits $2.84 trillion in 24 hours

    In the last 24 hours, the total market capitalisation of cryptocurrencies rose by 2.94 per cent to $2.84 trillion.

    Early trading on Monday saw notable increases in Bitcoin and other major cryptocurrencies, with Bitcoin hitting about $87,480. This is an increase of 3.712 per cent

    Ethereum had a significant increase as well, rising 4.05 per cent to $2,093.

    Despite looming worries over impending U.S. tariffs and the expected publication of important economic data later in the week, the market’s upward momentum remained, indicating strong investor confidence in the cryptocurrency sector.

    Read also: U.S. Secret Service recovers $7 million from cryptocurrency scam

    Other cryptocurrencies performance 

    With gains of three percent, two percent and 3.8 percent, respectively, XRP, Cardano, and Dogecoin were other noteworthy performers.

    Growth rates for Chainlink, Avalanche, Hedera, and Stellar ranged from three per cent to 10 per cent.

    “Bitcoin is holding above $86,000, registering a three per cent gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.

    Market value of Bitcoin jumped to $1.727 trillion 

    The market value of Bitcoin jumped to $1.727 trillion, while its market share increased to 60.73 per cent.

    According to CoinMarketCap, stablecoin transactions made up 94.74 per cent of all cryptocurrency trade, amounting to $57.58 billion, while its 24-hour trading volume increased by 93 per cent to $18.2 billion.

    Solana leads with 7%

    Solana was a remarkable performer, rising more than seven per cent on the last day to trade above $139.

    Reports indicating that President Trump’s tariffs on April 2 would be more targeted than first thought, allaying market fears, drove the rally.

    The momentum behind Solana coincides with previously unheard-of acceptance rates.

    Solana’s total value locked (TVL) hit 54.87 million SOL, the most since June 2022, according to DeFiLlama.

    A record 11.09 million addresses currently have SOL, according to Ali Charts, highlighting the rising use.

    Ethereum and Solana bridged assets totalling over $72 million 

    Furthermore, Ethereum and Solana have just bridged assets totalling more than $72 million.

    Ethereum’s weekly active addresses (1.8 million) are greatly outnumbered by Solana’s (17 million), and Binance’s increasing SOL wallet balances suggest new stockpiling after previous selling activity.

    Read also: Bybit and AltSchool Africa offer $100,000 scholarship to equip African youths with tech skills

    Institutional adoption of Solana 

    Volatility Shares launched two Solana futures ETFs (SOLZ and SOLT) on the Nasdaq on March 21 as evidence of the growing institutional adoption of Solana.

    Significant asset managers have also expressed interest in the cryptocurrency by applying for spot Solana ETFs, including VanEck and Franklin Templeton.

    Bitcoin’s trajectory is encouraging, according to BitMEX co-founder Arthur Hayes, who said, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”

  • Open House Group expands cryptocurrency payment options to XRP, SOL, and DOGE

    Open House Group expands cryptocurrency payment options to XRP, SOL, and DOGE

    The Open House Group, a leading real estate firm listed on the Tokyo Stock Exchange, on Friday announced the addition of XRP, Solana (SOL), and Dogecoin (DOGE) to its cryptocurrency payment options.

    The company, which first introduced Bitcoin (BTC) and Ethereum (ETH) payments in January 2025, said the decision aligned with the growing global demand for digital asset transactions.

    Read also: Dubai to tokenise real estate, projecting $16 billion market by 2033

    Enhanced flexibility for global investors

    Open House’s decision to expand its crypto payment options aims to provide greater flexibility for international clients.

    “This expansion ensures our global clients with greater flexibility in their investment process, subject to compliance with their country’s regulations,” Open House Group said in a statement on Friday.

    The development, according to the company, will cater to the growing demand for cryptocurrency transactions like XRP, SOL, and DOGE, which offer faster and more efficient payment processing compared to traditional banking methods.

    The firm, which boasts annual sales exceeding ¥1 trillion ($6.7 billion), has been a pioneer in adopting blockchain technology and digital assets.

    Since 2022, Open House has explored the potential of crypto and blockchain in real estate, even sponsoring research initiatives like the Bitcoin Lightning Network. Yokiko Nishimura, who leads the company’s crypto initiatives, has been instrumental in driving these efforts since 2015.

    In addition to expanding its crypto payment options, Open House has launched a Traditional Chinese version of its website to serve Chinese-speaking clients better.

    The integration of cryptocurrencies as a payment option is seen as a strategic step toward future growth. “Utilizing cryptocurrency can simplify numerous aspects of real estate transactions,” Open House noted. “It allows for quicker fund transfers and opens the door for a wider audience of investors.”

    Open House emphasised that while it is committed to innovation, clients must ensure compliance with their respective country’s regulations. “Customers must comply with their respective country laws and tax regulations when engaging in these financial activities,” the company stated.

    Read also: Valu prepares for landmark IPO on Egyptian Exchange in 2026

    About Open House Group

    The Open House Group is one of Japan’s top real estate companies, providing a full spectrum of property acquisition and management services.

    Its diverse portfolio includes residential properties, income-generating assets, and resort developments catering to various investor needs.

    With this new development, Open House is setting a new real estate industry standard and expanding its global reach in terms of payment methods.

  • U.S. sees first Solana futures ETFs, marking crypto breakthrough

    U.S. sees first Solana futures ETFs, marking crypto breakthrough

    A significant milestone for cryptocurrency investment in the U.S. is set to take place as Volatility Shares LLC, a Florida-based company, prepares to launch two exchange-traded funds (ETFs) tracking Solana futures.

    These funds, the first of their kind, will expose investors to Solana, the sixth-largest cryptocurrency by market capitalisation.

    Read also: Solana marks 5th anniversary, reaching over 400 billion transactions since launch

    New investment opportunity in Solana

    The Volatility Shares Solana ETF (SOLZ) will track Solana futures, while the Volatility Shares 2X Solana ETF (SOLT) will offer leveraged exposure at twice the futures’ movements. The ETFs come with expense ratios of 0.95 percent and 1.85 percent, respectively. The company initially submitted its filing to the U.S. Securities and Exchange Commission (SEC) in December 2024.

    Justin Young, CEO of Volatility Shares, noted the relevance of this launch, stating, “Our launch comes at a time of renewed optimism for cryptocurrency innovation in the U.S. We believe the administration recognises the strategic importance of maintaining American leadership in financial technology.”

    The introduction of these funds follows a pattern seen with Bitcoin and Ethereum, where futures ETFs were introduced before spot ETFs.

    Solana has experienced a resurgence despite past challenges, particularly following the collapse of FTX in 2022. The blockchain network has gained traction due to its lower transaction fees and scalability compared to competitors.

    Bloomberg Intelligence ETF analyst Eric Balchunas commented on the launch, noting, “It’s the first altcoin after Ethereum to be approved. But history has shown that ETF investors crave holding the physical asset as much as possible.

    ” While the SEC has not yet approved a spot Solana ETF, firms like Grayscale, Franklin Templeton, and VanEck have already filed applications in anticipation of regulatory clarity.

    Read also: RedotPay raises $40 million to expand crypto payment ecosystem

    What to expect from Solana’s first futures ETFs

    With the increasing acceptance of digital assets, the launch of Solana futures ETFs marks another step toward mainstream adoption.

    The launch signals growing institutional interest and could pave the way for a spot in Solana ETF. Increased liquidity, potential price volatility, and regulatory shifts may follow. As Solana gains mainstream acceptance, investors should watch for market reactions and further ETF approvals in the coming months.

  • Solana marks 5th anniversary, reaching over 400 billion transactions since launch

    Solana marks 5th anniversary, reaching over 400 billion transactions since launch

    On March 16, 2025, Solana, the high-performance blockchain platform, celebrated its fifth anniversary since the creation of Block 0.

    Since its launch in March 2020, the prominent blockchain platform has emerged as a key player in the blockchain ecosystem, renowned for its high-speed transactions and low fees.

    Read also: Solana’s SIMD-0228 inflation proposal collapses as smaller validators rebel

    A journey of growth and innovation

    In a post on its official X handle, Solana highlighted its achievements: “Happy 5th birthday, Solana fam! 408+ billion transactions. 1,300+ validators. $987+ billion volume.” The platform also announced a special celebration at America’s biggest crypto conference in New York City this May. “This year, we celebrate in style — with America’s biggest crypto conference coming to NYC in May”

    Co-founder Raj Gokal reflected on Solana’s early days, recalling the global lockdown in 2020. “If we could launch then, you can launch now,” he said, encouraging innovators to pursue their visions. Anatoly Yakovenko, another co-founder, added, “Everything is going according to plan,” emphasising the crypto company’s impressive growth.

    Today, Solana boasts over $8.5 billion in total value locked (TVL) in DeFi protocols, securing its position as the second-largest blockchain after Ethereum.

    Notably, Solana’s fee efficiency and revenue generation outpace Ethereum by two to three times. The native token, SOL, has also seen noteworthy growth, currently valued at $65.5 billion, with its market cap peaking at $127.5 billion earlier this year.

    Read also: Bitcoin drops below $91,000 amid market turmoil and legislative setbacks

    Overcoming challenges and building the future

    Despite its successes, Solana has faced challenges, including network outages and market volatility. However, the team has consistently worked to improve stability and scalability. “Every challenge has been an opportunity to learn and grow,” Yakovenko noted.

    As Solana enters its sixth year, the focus remains on expanding its ecosystem and enhancing user experience. With over 2,500 projects, including Serum, Raydium, and Magic Eden, Solana continues to drive innovation in DeFi, NFTs, and Web3.

    “The best is yet to come,” Gokal remarked, underscoring Solana’s commitment to shaping the future of decentralised solutions. As the blockchain industry evolves, Solana remains at the forefront, celebrating its past achievements while paving the way for a brighter future.

  • Ghana’s President Mahama champions Solana as key catalyst for crypto adoption in Africa

    Ghana’s President Mahama champions Solana as key catalyst for crypto adoption in Africa

    President John Mahama of Ghana on Saturday identified Solana, a high-performance blockchain network, as a potential game-changer for fintech growth and cryptocurrency adoption across Africa.

    In a post on his official X handle, Mahama emphasised the importance of financial inclusion and how Solana’s low transaction costs could revolutionise the continent’s digital economy.

    Read also: President Touadéra unveils $CAR coin to boost Central African Republic’s global presence

    Solana’s role in Africa’s financial inclusion

    President Mahama stated, “Financial inclusion isn’t just a need for Ghana—it’s essential for all of Africa. With its low transaction costs, Solana could be the key to driving fintech growth and enabling cryptocurrency payments and investments across the continent.”

    He pointed out that traditional banking systems have failed to reach millions of Africans, making decentralised finance (DeFi) a viable alternative. Solana’s blockchain, known for its speed and scalability, processes thousands of transactions per second at a fraction of the cost of traditional systems, making it an attractive option for African entrepreneurs and small businesses.

    Mahama further noted how blockchain technology could help Africa bypass traditional development hurdles. “The Fourth Industrial Revolution presents a golden opportunity for Africa to leapfrog traditional development models.

    Digital transformation can drive financial inclusion, improve public service delivery, and create new opportunities for all our people,” he said. He called for investments in internet expansion, digital infrastructure, and fintech to bridge the digital divide and make Africa more competitive globally.

    More on regulation and the future of cryptocurrency in Africa

    The 9th president’s remarks come as Ghana’s central bank, the Bank of Ghana (BoG), works to regulate the country’s cryptocurrency market. In August 2024, the BoG issued draft regulations to formalise oversight for digital assets, including registration requirements for Virtual Asset Service Providers (VASPs) and anti-money laundering measures.

    Additionally, the BoG is pursuing its own central bank digital currency, the eCedi, as part of the country’s push for digital finance innovation.

    While acknowledging cryptocurrencies’ potential, Mahama cautioned against their volatility, urging investors to be mindful of sharp price fluctuations. He also called for progressive regulations that balance innovation with consumer protection.

    Read also: TRUMP coin declines by 38% as Melania’s new coin hits $6bn on inauguration eve

    A vision for Africa’s digital revolution

    The head of government endorsement of Solana aligns with his broader vision for Africa’s digital transformation. By leveraging blockchain technology, he believes the continent can redefine financial access and create a more inclusive digital economy.

    As the continent continues to embrace cryptocurrencies, his call for collaboration and policy reform could pave the way for a brighter financial future.

  • Solana’s SIMD-0228 inflation proposal collapses as smaller validators rebel

    Solana’s SIMD-0228 inflation proposal collapses as smaller validators rebel

    On Thursday, a proposal to reform Solana, a high-performance blockchain network, hit a snag after SIMD-0228 failed to secure the supermajority votes needed for implementation.

    The proposal, which aimed to replace Solana’s static 4.7 percent inflation rate with a dynamic system, faced strong opposition from smaller validators, preventing what could have been a drastic reduction in staking rewards.

    Read also: The Rise and Fall of Solana’s Valuation After $DAVIDO’s Entry

    High-stakes battle over inflation

    The failed proposal raised intense debate within the Solana ecosystem. Stakeholders, including major investors and influential validators, argued that reducing staking rewards would stabilise SOL’s price by limiting token supply.

    “Fewer emissions mean less selling pressure,” said Max Resnick, an economic researcher at Anza Labs and a co-author of the proposal.

    However, opposition from smaller validators proved decisive. Many feared that a drastic reduction in staking rewards would undermine their revenue, potentially forcing them out of operation.

    “This was rushed and didn’t fully consider the impact on smaller operators,” said SolBlaze, a validator operator who opposed SIMD-0228.

    Moreover, the vote saw one of the highest turnouts in Solana’s history, with over 66 percent of validators participating and collectively wielding 75 percent of the network’s voting power. According to blockchain analytics, 60 percent of validators with less than 500,000 SOL opposed the proposal, while 60 percent of larger validators voted in favor.

    This divide raised concerns over decentralisation, as many warned that cutting staking rewards could consolidate power among wealthier validators.

    “Many feared this would drive out smaller participants, making Solana more centralized,” said Jonny, the operator of Solana Compass.

    However, despite this setback, advocates for economic reform are not backing down. “We are going to chat with the ‘no’ voters and find a compromise,” Resnick said, hinting at future proposals with broader community input.

    For now, Solana’s high staking rewards continue to shape the network’s economic system amid ongoing debates over sustainability and decentralisation.

    Read also: Could a Trump mention ignite Pi Coin? Experts predict a potential 200% price surge

    About Solana

    Solana is a high-speed, low-cost blockchain known for its Proof of History mechanism, scalability, and smart contract functionality.

    The blockchain platform was founded in 2018; It powers decentralised finance (DeFi), NFTs, and decentralised applications.

  • The Rise and Fall of Solana’s Valuation After $DAVIDO’s Entry

    The Rise and Fall of Solana’s Valuation After $DAVIDO’s Entry

    Solana, a well-known blockchain platform known for its fast transactions and low costs, recently made headlines when it announced the start of $DAVIDO, a new cryptocurrency backed by Nigerian superstar Davido. 

    This launch was a big step into the world of digital assets backed by celebrities. The goal was to combine Davido’s huge fan base with Solana’s creative skills.

    It promoted Solana’s ecology in Afrobeats using Davido’s worldwide reach. A major launch event boosted Bitcoin and social media coverage. Crypto fans acquired $DAVIDO coins immediately, increasing their value. This enthusiasm suggests celebrity endorsements may attract investors and customers.

    Read also: Bitcoin price drops below $60,000 may result to panic selling-Expert warns

    The Party Ends: Rapid Valuation Dip

    Despite a good start, the anticipation around $DAVIDO didn’t last long. Within 24 hours, the token’s value dropped significantly, which tempered the original excitement. Several factors led to this quick drop, which shows how volatile and risky the Bitcoin market is by its very nature.

    It is not the singer’s first crypto rodeo. In November 2021, he launched $echoke on the Binance Smart Chain to “provide access to giveaways, NFTs, festivals, exclusive merchandise, and other entertainment, media, and hospitality benefits.” The short-lived project was soon forgotten. 

    On YouTube, he also promoted Racksterli, a Ponzi scheme that allegedly defrauded users of ₦1 billion, prompting backlash and arguments for a more responsible use of his star power. 

    With $Davido, coin holders are coming to terms with the possibility that they may have been victims of a rug pull, a phenomenon where the project developers abandon it and take all the invested funds with them. 

    “This kind of bad press is not what Davido needs.” “The money he made from it was not worth it,” a crypto expert told news outlets. When asked for comments, Davido’s managers did not reply right away.

    Many people who bought the coin were under no illusions that this was a long-term project, but they expected it to ride a wave and at least increase its valuation, allowing holders to profit from it. That would have required the developers to resist the temptation of pulling a pump-and-dump on users.

    Why are pump-and-dump schemes prevalent in the crypto world?

    In the world of crypto tokens and meme coins, pump-and-dump schemes are par for the course and involve someone or a group of people artificially inflating the price of a token before selling their tokens at those high prices. It leaves anyone who bought into the hype holding the bag. 

    Read also: Stakeholders decry CBN’s clampdown on Cryptocurrency

    Memecoins’ values often go through big jumps before settling down. However, three crypto experts told reporters that the people who support these coins often set them up so that many regular people can also make money. From the start, the people who made the $DAVIDO coin looked ready to make money from coin users.

    Several well-known crypto handles started blowing the alarm on Wednesday night, saying that the wallet that created the token had sold off a lot of coins and cashed out $200,000 in just a few hours.

    It’s a pump-and-dump plan. An anonymous crypto trader told reporters, “The wallet that launched the token can be tracked and was dumping it live while Davido was tweeting about it.”

    According to another coin research handle, the coin’s creators made about $500,000. It caused the coin’s price to crash, leaving users carrying the bag.