Recent developments in Solana: Exploring the innovative applications of ETF, Actions and Blinks, and TipLink

Original author: dt

The encryption market this week still has not broken through the downward trend, and the overall market continues to be sluggish. Many people have begun to question the future and potential of encryption currencies, and whether the future can really achieve large-scale adoption is definitely the key. Recently, the development direction of the SOLANA roadmap, blessed by ETF news, seems to be the project that is making the most effort in this regard.

In this issue of Cryptosnap, Dr.DODO will take everyone to understand the recent updates of the SOLANA public chain and its various applications in large-scale adoption.

Solana ETF

When talking about the recent news of Solana, it is worth mentioning that VanEck’s application for the first Solana ETF has been proposed. Although the market generally believes that the news is more symbolic than practical, it still gave Solana’s price a shot in the arm. VanEck believes that it is wrong for the Securities and Exchange Commission (SEC) to consider $SOL as an unregistered security, but instead considers SOL as a commodity similar to Bitcoin and Ethereum. After the approval of Bitcoin and Ethereum ETFs, the application for $SOL ETF is also reasonable.

The prevailing view in the market is that it is unlikely for this application to be approved in the current environment. The SEC has previously stated clearly that $SOL is a security, and VanEck’s prediction is even longer for the upcoming US election. The current SEC chairman, Gary Gensler, will step down at that time. Cryptocurrency voters may play a critical role in the election, and the regulatory environment in Washington is evolving towards supporting encryption currencies.

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Actions and Blinks

After the major news in the token market, another big news in the Solana ecosystem is Solana Actions and Blinks, which is a new type of on-chain interaction feature launched by the Solana Foundation in collaboration with Dialect.

Simply put, Actions is a standardized API for developers to interact with transactions on the Solana blockchain. Any project can adapt their own protocol based on the documentation. On the other hand, Blinks is an interactive frontend for users. Blinks can convert any Solana Action into a shareable link with rich metadata. These links can be placed on platforms like X (Twitter) or Discord to generate interactive button options on-chain.

The launch of Actions and Blinks is the best example of Solana’s efforts to move towards mass adoption, which further lowers the barrier to entry for blockchain, allowing retail investors to complete on-chain operations with just a few clicks on social media, without the need for website redirects or wallet connections, etc.

Source: _defi/status/1805877572238295296

Tiplink

When it comes to Solana’s roadmap for mass adoption, one cannot fail to mention TipLink, a wallet application. I believe that TipLink is the most user-friendly and easiest-to-use wallet among all wallets currently available. TipLink is also a project strongly supported and sponsored by the Solana Foundation, and it has received funding in 2023 from Multicoin, Solana Venture, Sequoia Capital, as well as two major stablecoin companies Paxos and Circle.

TipLink is a hosted wallet that allows users to register and log in with their Google accounts without the need to remember mnemonic phrases. It is very user-friendly and does not require the installation of plugins or apps. Users only need to connect their Google accounts through a web page. TipLink was originally a tipping application that only supported payment functions, but now it has become a mature wallet product that can rival Phantom. With the latest TipLink Adaptor function updates, it can interact with mainstream applications on the Solana chain just like any other wallet.

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Author’s viewpoint

I believe that Solana is indeed the most suitable chain for Newbies to get started with. It has low transaction fees, easy-to-use wallets, and a simple and intuitive user interface. Moreover, Solana Foundation’s clear roadmap can drive the development of various applications on the chain. Blink is a perfect example of this. Almost immediately after Solana Foundation tweeted the announcement, all projects, big or small, on the chain retweeted it. Wallets like Phantom/Solflare/Backpack quickly supported the Blink interaction, and Defi Dapps like Jupiter/Tensor/Sanctum have already prepared Actions APIs, allowing users to use them right away.

The clear development route of the Solana Foundation, together with its cooperation with ecological projects, is, in the author’s opinion, the strongest moat for SOLANA at present. At the same time, the author also strongly agrees with Solana’s development direction towards large-scale adoption. Compared to exquisite financial products, profound technology, or chasing after hot topics such as artificial intelligence, the most urgent task in the current blockchain community is to drop the threshold and allow more people to join for the long term!