The Solana token is known for its low transaction fee, high speed, and scalability. The 5th biggest cryptocurrency and one of the biggest smart contracts platforms continues to dominate the DeFi space joining hands with 776, a venture capital firm.
Founded by Alexis Ohanian, the co-founder of Reddit, 776 “will be joining forces with @solana to support the next generation of social with a new $100M initiative.” In the Solana Conference, Ohanian mentioned that this new partnership would deal with the “next generation of social” for Web 3.0.
Web 3.0 is the new concept of the internet, decentralized in nature, “ushering in the Davids who will beat the Goliaths.” According to the announcement, the two firms will back a $100M initiative which is supposed to develop and expand Web 3.0.
The open-source version of the internet has attracted a lot of investment. The funds gathered by the partnership of Solana and 776 will focus on applications that are integrated into the SOL chain, attracting more projects in the long term. To boost the adoption of Web 3.0, the network also recently partnered with Brave.
Solana connects with Huobi ECO Chain
In a post, Allbridge, a medium of transferring tokens between different blockchains, announced that it is launching new a bridge option for the first trading pair of tokens that Huobi ECO Chain released. “BTC and USDT transfers to Solana are going live on Allbridge,” the post suggested.
With the help of Saber, the leading cross-chain AMM for pegged assets on SOL and partner of Allbridge, “users will be able to move their assets from HECO and exchange them into their SOL-native versions — renBTC and USDT.”
SOL’s dominance in the decentralized finance industry continues to grow as the token made a new all-time high at $260 a few days ago. Currently, the 5th biggest token has a market capitalization of $73.7 billion. With a trading volume of $4.3 billion, SOL is one of the most actively traded tokens in the market.
Additionally, Solana also announced its own NFT marketplace, which is still in the beta version, titled Solanart. The expansion of the network seeks to eliminate other competitors from the market.